Fosun International China buys Portugal’s ES Saude

13 October 2014

Portuguese insurance company Fidelidade, controlled by Fosun International of China will buy the 51 percent stake that Rioforte, which controls Espirito Santo Health Care Investments (ESHCI), holds in Espirito Santo Saude (ES Saude), Rioforte and ESHCI said in a statement.

The statement, which was filed with Portuguese securities market regulator CMVM, said that the decision to sell the stake in ES Saude came after Fosun International, which owns 80 percent of Fidelidade have increased to 5.01 euros offering price per share under the Public Offer (IPO).

It was the second time that Fidelidade increased the price, after a starting offer of 4.72 euros per share. The price of 5.01 euros per share for ES Saude values the Portuguese healthcare company at 478.6 million euros, of 67.8 million more than the value of the first tender offer launched by Mexico’s Ángeles group.

In the statement Rioforte and ESHCI said that the decision to sell took into account the increased price offered, as well as the fact that the market regulator had cancelled the off-the-market offer made by US company UnitedHealth Group.

ESHCI is 55 percent owned by Rioforte (currently under controlled management in Luxembourg), 27.26 percent by Novo Banco and 17.74 percent by Espirito Santo Financial Group (ESFG, which has filed for bankruptcy).

Two other groups made lower offers for ES Saude: Mexico’s Angeles and Portugal’s José de Mello Saude.

ES Saude operates 18 units in Portugal, including hospitals, clinics and retirement homes. (Macauhub /CN/PT)