The administrative board of Santa Casa de Misericórdia of São Paulo, which controls Santa Casa de São Paulo, unanimously approved this Wednesday (27), the sale of the Santa Isabel Hospital operation for R$ 280 million to Rede D’ Or St. Louis.
Founded in 1972, the unit is exclusively dedicated to serving clients of health plans and private patients. The building has 124 beds, 35 of which are intensive care units (ICU).
Santa Casa intends to use the money from the sale and also from the rental of the property to Rede D’Or to reduce its debt, which is in the range of R$ 400 million, and also invest in the care of SUS patients.
A sheet found that the rental of the unit will bring to Santa Casa an annual revenue of R$ 10 million, above the R$ 8 million that Hospital Santa Isabel currently receives. Negotiations started about 60 days ago.
In addition to the rent, Rede D’Or committed to investing in the renovation of approximately 3,000 m2 of the hospital complex for the care of SUS patients.
In a statement, Santa Casa affirms that Rede D’Or is one of the largest employers in the country, and that Hospital Santa Isabel employees should maintain their professional activities normally. The unit is located in the Higienópolis neighborhood, in downtown São Paulo.
“The institution is cleaning up its bank indebtedness and will therefore continue in the search for sustainability, will resume its investment capacity and care for SUS patients, through the modernization and expansion of our facilities, reinforcing its mission and legacy of 460 years in service health”, states the note.
Founded in 1977, Rede D’Or currently has 60 hospitals in the country. In July, the company closed an agreement for the purchase of Hospital Santa Emília, in Feira de Santana, the second most populous city in Bahia.
At the end of 2020, the group priced, so far, the largest IPO (initial offering of shares, its acronym in English) of a Brazilian company since 2013. The operation valued the company at R$ 112.5 billion, which puts it among the 10 largest companies in the country among those listed on the Stock Exchange.
The purchase of a Santa Casa hospital unit by a large business group may also lead to other similar negotiations.
In 2017, the federal government created a credit line of R$10 billion for philanthropic hospitals and Santas Casas, which had an estimated total debt of R$21 billion.
In 2018, in the midst of its biggest financial crisis, Santa Casa had a debt of BRL 700 million, with a monthly deficit of BRL 14 million.
Without money to pay for surgical supplies, such as needles, sutures and gloves, the hospital even launched a project in which individuals and companies could donate surgical kits to treat patients.
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