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(Bloomberg) — Macquarie Group Ltd. is set to buy a minority stake in Portuguese hospital operator Luz Saude SA, outbidding rivals CVC Capital Partners Plc and KKR & Co., according to people familiar with the matter.
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Sydney-based Macquarie agreed to purchase about 40% of Luz Saude from Fidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by Chinese conglomerate Fosun International Ltd, said the people, who asked not to be named because the information is confidential. The deal could be signed in the coming days and would give Luz Saude an enterprise value of more than €1 billion, one of the people said.
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A representative for Fidelidade said no formal agreement has been signed with any entity and declined to comment on the transaction. A Macquarie spokesperson also declined to comment.
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It’s the latest hospital deal for Macquarie, the Australian financial giant that has operations spanning energy and gas trading to private markets and infrastructure investments. One of its units bought a private healthcare facility in Dublin in 2024, while in the UK it provided financing for the upgrade and expansion of three hospitals in the Midlands. In 2021, a Macquarie infrastructure fund bought a 50% stake in a $1.8 billion portfolio of eight hospitals in Massachusetts.
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The Luz Saude stake sale also comes amid growing interest from private equity firms in the sector in Portugal. Spain’s MCH Private Equity in June acquired a minority stake in Sanfil – Global Health Company, which operates several hospitals and clinics in the center of Portugal. In 2022, French group Vivalto Sante completed the acquisition of Lusiadas Saude, one of the country’s top hospital operators.
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Smaller private equity firms are also investing in senior living and care homes in Portugal, as the number of foreign residents increases and the country’s population ages.
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Luz Saude is one of Portugal’s biggest private health-care providers, with 30 hospitals, clinics and nursing homes in the southern European country, its website shows. It was delisted from the Euronext Lisbon exchange in 2018 after Fosun bought most of the shares through Fidelidade.
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Fosun holds an 85% stake in Fidelidade while Portuguese state-owned bank Caixa Geral de Depositos SA owns the remaining 15%.
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