Chinese group Fosun expands healthcare network in Portugal

10 July 2017

Luz Saúde, 96.12% owned by insurance company Fidelidade, has been authorised by the Portuguese Competition Authority to expand its activity with the total or partial purchase of companies in the industry, the company said in a statement released through the market regulator.

In a statement released on 7 July, Luz Saúde said the Authority has decided not to oppose the purchase of the entire capital stock of the companies British Hospital – Lisbon XXI and Microcular – Centro Microcirurgia Ocular, Laser e Diagnóstico and 90.41% of the capital and voting rights of British Hospital Management Care.

These three companies, respectively, own British Hospital Torres de Lisboa, the British Hospital Saldanha Microcular and the British Hospital Management Care, and the purchase and sale agreement was signed with Capital Criativo – SCR and announced on 31 May.

Luz Saúde, a company that owns a number of hospitals, clinics and residences for the elderly, was acquired by insurance company Fidelidade following the bankruptcy of the Espírito Santo group in a Public Tender Offer where, having offered the highest amount – 5.01 euros per share – defeating the offers of Mexican group Angeles and Portuguese group Mello.

The Fidelidade insurance company was in turn acquired by Fosun International Limited, a Hong Kong-based holding company controlled by the Fosun group, and its subsidiary Longrun Portugal took on a controlling interest of 84.9861%.

Caixa Geral de Depósitos (CGD), through Caixa Seguros e Saúde, SGPS, remained a strategic shareholder, holding 15% of Fidelidade’s share capital. (macauhub)