Rede D'Or São Luiz S.A. (BOVESPA:RDOR3) entered into an agreement to acquire Sul América S.A. (BOVESPA:SULA11) (SASA) for BRL 8 billion on February 23, 2022. As a part of consideration, Rede D'Or will issue 0.25610 new shares for each SASA share. The business combination will be carried out through the merger of Sul América S.A. into Rede D'Or. Once the Transaction is implemented, SASA shareholders will migrate to the shareholder base of Rede D'Or, which will remain a publicly held company listed in Novo Mercado. The Transaction will be submitted in due course for approvals at the Shareholders' Meetings of SASA and Rede D'Or and to the relevant regulatory agencies, namely the Administrative Council for Economic Defense (CADE), the National Agency of Supplementary Health (ANS), the Superintendence of Private Insurance (SUSEP) and the Central Bank of Brazil (BCB). Transaction is approved by Boards of Directors of Rede D'Or São Luiz S.A. and Sul América S.A. As of April 14, 2022, the transaction has been approved by the shareholders of Rede D'Or and Sul América. As of November 7, 202 Brazilian antitrust body Cade's superintendent has approved the acquisition. On 14 December 2022 Brazil's antitrust body Cade approved the acquisition. As of December 20, 2022, the transaction has been approved by the Board of Rede on December 19, 2022 and Susep have already approved the operation.

Vinci Partners and N M Rothschild & Sons (Brasil) Ltda. acted as fairness opinion providers to Rede D'Or São Luiz S.A. and Sul América S.A. Olimpia Partners Gestão de Recursos S.A. acted as financial advisor to Sul América S.A.

Rede D'Or São Luiz S.A. (BOVESPA:RDOR3) completed the acquisition of Sul América S.A. (BOVESPA:SULA11) (SASA) on December 21, 2022.