The warning given last year by Multiplan Group CEO Eduardo Peres, that the company would reassess its capital allocation and exercise more caution in defining investments, is beginning to be put into practice in the first days of 2026.

The company announced its intention to sell 10% of BH Shopping for R$ 285 million. The memorandum of understanding stipulates that the company intends to receive R$ 138.75 million upfront, R$ 69.37 million in 12 months, and a further R$ 69.37 million 18 months after the completion of the transaction.

Furthermore, the future buyer will pay R$ 7.5 million over 24 months, after the opening of the expansion phase of BH Shopping. In the released document, Multiplan does not indicate whether it already has an offer on the table, nor the name of the potential new partner in the Minas Gerais project.

According to analysts at BTG Pactual, the deal makes sense at this time. "Despite being a relatively small move (representing about 1.5% of Multiplan's EV [ enterprise value ]), we see the deal as positive," says the bank.

“In our opinion, this reflects a more positive capital allocation on the part of Multiplan, which we believe should be well received by investors,” say analysts Gustavo Cambauva and Gustavo Fabris, who authored the report.

The market reacted positively to the divestment initiative of the company founded by José Isaac Peres. Around noon on Tuesday, January 6th, Multiplan's shares were up 2.8% on the B3 stock exchange.

In its report, Santander also views the deal as positive for the company's financial health. "This transaction reinforces Multiplan's discipline in capital allocation. Furthermore, we understand the deal as positive from a valuation standpoint," the bank states.

"It is worth highlighting that the transaction also reduces the company's leverage ratio (net debt/EBITDA at the end of 2026) to 1.9 times, compared to 2 times without the sale of BH Shopping," state analysts Fanny Oreng, Matheus Meloni, and Luis Wadt.

While BTG maintains its buy recommendation for Multiplan shares, Santander keeps its outperform rating on the stock of the company that owns 20 shopping centers in the country.

In an interview with NeoFeed in June, Peres stated that 2026 would be a year of reassessing investments , mainly due to the high Selic rate – currently at 15% per year – and the lack of discipline from the federal government in implementing a fiscal adjustment policy.

"The idea is to reduce investments, to be more selective. Especially because this interest rate forces us to do so. I don't feel comfortable going on a buying spree in this economic environment," said the CEO of Multiplan at the time.

At the time, the company was coming off a strong investment cycle and a very aggressive capital allocation, with R$ 2.1 billion spent solely on share buybacks. The investment package included R$ 1.5 billion in the expansion plan for seven of the company's shopping centers.

Selling 10% of the Minas Gerais-based project in 2026 has significant symbolic importance for the company, founded in 1975. BH Shopping was the first shopping mall opened by Multiplan, in 1979, and the first in Minas Gerais.

In the company's portfolio, it ranks third in sales productivity, with an annual volume of R$ 40,100 per m² (compared to an average of R$ 28,200 for all shopping malls), and also third in rental productivity, with R$ 4,212 per m² (versus R$ 2,407 for the Multiplan portfolio average).

With 445 stores and 47,500 m² of gross leasable area (GLA), BH Shopping will undergo an expansion process that will guarantee an increase of approximately 2,000 m² of GLA, with six more satellite stores and a new anchor store. Delivery is scheduled for the first half of this year.

In the third quarter of 2025, Multiplan recorded a 6.9% growth in sales compared to the same period of the previous year, with a volume of R$ 6.1 billion. Net revenue totaled R$ 618 million, a 13.3% increase. Profit, however, fell 20.9%, to R$ 221 million.

Over the past 12 months, the company's shares have appreciated by 34.2%. Multiplan is valued at R$ 14.4 billion.