Lisbon, January 27, 2026 — The Portuguese Competition Authority (AdC) has cleared subject to conditions CUF – Sociedade Gestora de Participações’ acquisition of exclusive control over the Hospital Particular do Algarve (HPA) Group, concluding that the commitments offered by the notifying party adequately address identified competition concerns.
The transaction, notified on March 26, 2025, involves CUF’s acquisition of the HPA Group, a private hospital operator active in the Algarve, Alentejo, and the Autonomous Region of Madeira. CUF currently has no presence in these regions.
Merger Concerns Identified
Following an in-depth investigation launched on July 16, 2025, the AdC found that the transaction, as originally notified, could significantly impede effective competition in the private hospital healthcare services market.
In particular, the authority identified risks of a substantial strengthening of CUF’s bargaining power vis-à-vis insurers and health subsystems. According to the AdC, this could result in a deterioration of commercial conditions and negative effects for end beneficiaries. The investigation also raised concerns about the elimination of potential competitive pressure in the Algarve region.
Commitments Package
To address these concerns, CUF submitted a package of commitments, which was subsequently revised following a market test. The final commitments include a combination of structural and behavioural measures, supported by reporting and monitoring mechanisms.
Key commitments include the divestment aimed at facilitating the entry of a new independent hospital in the Algarve region, as well as the divestment of a set of CUF assets capable of providing private healthcare services. CUF also committed to maintaining existing commercial conditions with insurers and health subsystems, subject to maximum annual update limits.
In addition, the commitments place caps on price increases for uninsured patients and introduce transparency, reporting and monitoring obligations that will remain in force until the divestment measures are fully implemented.
Clearance Decision
On the basis of these commitments, the AdC concluded that the remedies eliminate or sufficiently mitigate the competition concerns identified and adopted a decision of non-opposition subject to conditions and obligations under Article 53 of the Competition Act.
Throughout the review, the authority conducted extensive information gathering and analysis, including requests for information from competing hospitals, insurers, regulators, and the notifying party, as well as multiple meetings with stakeholders.
