Fusões e aquisições no setor de saúde brasileiro: uma análise dos eventos com empresas de capital aberto negociadas na B3

Abstract

The empirical literature and some existing theoretical models indicate that mergers and acquisitions transactions can result in generation of synergies for organizations. Thus, this works intends to investigate whether mergers and acquisitions of companies of Brazilian healthcare sector generated synergism gains. Based on data from companies of healthcare sector which are public companies and that are listed on Bolsa, Brasil, Bacão (B3), M&A transactions made between 2013 and 2018 were analyzed. Information about negotiations of M&A was obtained from relevant facts disclosed by B3, whereas accounting information were extracted from Economática® database. The method of difference in means and diff-in-diff linear regression model were used for the analysis and the generation of synergy through indicators of value creation, operational synergy, in addition to rentability and profitability. The results of the tests showed that mergers and acquisitions did not produce synergic gains for the analyzed companies. The M&A operations in the first two years caused a worsening in the indicators of value creation; there was an increase in the proportion of costs over net revenue; there were no significant changes in the organizations free cash flow and; there was a reduction in the profitability and profitability of organizations. Leading to the conclusion that there are indications that mergers and acquisitions in the Brazilian health sector did not result in synergistic gains for organizations. Therefore, it was not possible to observe a significant improvement in profitability and profitability, in operational synergies and in the creation of value. Consequently, the results reinforce the importance of evaluating whether adequate conditions exist to obtain synergy gains before adopting this kind of operation.