Bradesco Launches Bradsaúde via Reverse IPO, Consolidating Health Businesses in Odontoprev

Overview

• Bradesco announced a three‑step restructuring that uses Odontoprev as the listed vehicle, with a partial spin‑off of Bradseg Participações, incorporation of BGS shares into Odontoprev, and contribution of assets and dental plans to Mediservice.
• Upon completion, Odontoprev will be renamed Bradsaúde S.A., with Bradesco holding 91.35% of total and voting capital and current Odontoprev minorities retaining 8.65%.
• Bradesco will seek a waiver from B3 to list with a free float below the Novo Mercado’s 25% threshold and may consider a follow‑on later to rebuild liquidity.
• Executives cited consolidated 2025 metrics of about R$52 billion in revenue, roughly R$3.6 billion in profit and more than 13 million beneficiaries, and projected a market value in the R$40–50 billion range.
• Shares rallied after the announcement, with Odontoprev jumping more than 20%, as leaders framed the deal as B3’s largest reverse IPO and named Carlos Marinelli as Bradsaúde’s CEO with priorities in hospitals, primary care and oncology.