The announcement that Alliança Saúde is now controlled by Geribá Investimentos marked the latest stage in the "fire sale" of the portfolio of companies built over several years by Nelson Tanure , which is being hastily dismantled to meet obligations to creditors.
Comprising companies from different sectors of the economy – from oil to telecommunications and energy – the portfolio helped the entrepreneur leverage his position and close new deals, using his stake in these companies as collateral for loans.
The Banco Master scandal and the scrutiny of his ties to the institution – even though Tanure has always denied any corporate relationship – coupled with the judicial reorganization of Ambipar , in which he also invested, resulted in a credit crisis and forced the sale of his stakes.
This is the case with Alliança, whose control Tanure assumed in April 2022 , when it was still called Alliar. He offered his stake as collateral to obtain a loan intended for the purchase of Ligga Telecom (formerly Copel Telecom), acquired in 2020.
In February, creditors acquired shares in Alliança and Light , also linked to the guarantees, due to the company's deteriorating financial situation. Alliança's shares were transferred to Geribá, a management company specializing in special situations, which acquired 59.8% of the company's share capital.
Ligga itself entered the negotiations, closing a deal to sell its fiber internet operations to Brasil TecPar for R$ 495 million. Tanure also pledged shares of the company as collateral, but the creditors did not execute the lien so as not to disrupt the negotiations.
The difficulties led Tanure to divest himself of the "crown jewel" of his portfolio, Prio . In January, Bloomberg reported that he had given up almost all of his 20% stake in the former PetroRio to pay creditors.
His entry into Prio occurred in 2013, when he bought a stake in the then-struggling HRT, helping to revive the company, which is now valued at R$ 50.3 billion.
Among the most notorious losses is Emae . Tanure filed a lawsuit against XP 's decision to execute guarantees and sell shares of the company, acquired in 2024 from the São Paulo state government and sold to Sabesp . According to the website Pipeline , the case was closed in February after an agreement.
It remains to be seen whether the sales will be enough to settle debts. In the case of Ligga, the amount paid by Geribá for Alliança's shares will not be sufficient, according to Pipeline . The expectation is that creditors will execute actions against Light.
"The market doesn't know the size of the debt he [Tanure] carries. The creditor is liquidating assets, but we don't know if this will affect the balance sheet of any bank or the credit of any company," said an analyst on condition of anonymity.
The situation also affects companies in which Tanure still has a significant presence, such as Gafisa . "The market sees the situation as toxic, it doesn't want to get involved," says the analyst. "Even though Tanure denies being a partner of Master, they were partners in companies."
Enrico Cozzolino, strategist at Zermatt Partners, believes there is an increase in the governance risk premium in companies linked to Tanure.
He emphasizes, however, that the departure of the businessman opens up space for the entry of institutional capital, focused on financial return and clearer governance. "In cases where the problem is more the shareholder than the business, the departure or weakening of the shareholder can be positive," says Cozzolino.
Contacted by NeoFeed , Tanure, through his press office, stated that he would not comment on the sales or the relationship with creditors, but sent a note emphasizing that he has never had any corporate relationship with Banco Master.
In the statement, he affirmed that he “has been a client in recent years under the same conditions as he was and continues to be served by other well-known financial institutions” and that he “never promoted any investment operation in vehicles that could convert debt into equity, even indirectly, in Banco Master”.
