The Portuguese Competition Authority (AdC) has issued a decision of non-opposition regarding CUF's acquisition of the HPA Group, contingent upon certain conditions and obligations. This decision follows a thorough investigation that began on July 16, 2025, after CUF notified the AdC of the merger on March 26, 2025.

The AdC's investigation revealed that the merger could significantly hinder competition in the private hospital healthcare services market, particularly in the Algarve region. Concerns were raised about CUF's potential increase in bargaining power over insurers and health subsystems, which could negatively impact commercial terms for end-beneficiaries.

To alleviate these concerns, CUF proposed a series of commitments, which were later revised after a market test. These commitments include the establishment of a new independent hospital in the Algarve, divestment of certain CUF assets, maintenance of current commercial terms with insurers, limitations on price increases for non-insured patients, and ongoing transparency and monitoring obligations.

After evaluating these commitments, the AdC concluded that they sufficiently addressed the competition issues identified, leading to the approval of the merger under Article 53 of the Competition Law.

The AdC's decision was informed by extensive data collection and analysis, including input from competing hospitals, insurers, and other stakeholders, ensuring a comprehensive understanding of the merger's implications.