Amil: updates on negotiations w/ Bain/ Advent; ONCO3: CVM staff rejects tender offer request; SULA/SAUD/HAPV: discount cards market and ANS‘ regulatory updates

Research evidence excerpt

Amil: updates on negotiations w/ Bain/ Advent; ONCO3: CVM staff rejects tender offer request; SULA/SAUD/HAPV: discount cards market and ANS‘ regulatory updates

Global Research

1 July 2026ab

H&E Daily Equities

Latin AmericaAmil: updates on negotiations w/ Bain/

Advent; ONCO3: CVM staff rejects tender Healthcare

offer request; SulA/SAUD/HAPV: discount Leonardo Olmos,AnalystCFA

cards market and ANS' regulatory updates leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Healthcare +55-11-2767 6015

Amil: Negotiations with Bain and Advent reportedly advancing but original

sticking point seems to remain

Valor reported that Amil's negotiations with Advent and Bain Capital have entered

the due diligence phase, although the control-related impasse seems to remain

unresolved. According to the report, a communication sent to employees by Amil's

board reiterated that the controlling shareholder is unwilling to relinquish control

over the group's strategic direction. The report notes that Bain would prefer to

acquire 100% of the business and replicate the model used in GNDI, having

reportedly assembled the same team that led that transaction to evaluate the deal.

UBS's view: Despite the current impasse, further developments should be closely

monitored, as they could impact the competitive dynamics of the sector (relevant

for HAPV/SulA/SAUD), as well as for Amil's relationships with healthcare service

providers (RDOR/FLRY/ONCO). The potential transaction becomes even more

relevant following the company’s recent turnaround, with a meaningful

improvement in profitability and Amil emerging as one of the main market share

gainers in terms of beneficiaries in recent quarters. A potential entry of large