Fidelidade closes deal with Macquarie Asset Management and sells 40% of Luz Saúde

The Portuguese insurance group Fidelidade, controlled by the Chinese conglomerate Fosun, has closed a €310 million deal for the sale of 40% of its healthcare subsidiary Luz Saúde – which has private hospitals and clinics – to the Macquarie Group.

Macquarie Asset Management is part of the Macquarie Group, an Australian multinational diversified financial services group that provides services in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodities trading, and specialist advisory.

Founded in 1969, the firm operates globally in over 30 countries with a wide range of services, from consumer banking to major infrastructure and energy projects, connecting capital with investment opportunities for clients worldwide.

The deal was communicated to the market on Thursday in Hong Kong. Luz Saúde is currently led by Isabel Vaz who will remain at the helm of the healthcare provider.

The current enterprise value of Luz Saúde stands at around €1.1Bn and the sale followed months of negotiations with three candidates with the deal finally closed with the Australian fund through Macquarie European Infrastructure Fund 7 which will enable it to have a majority shareholding and reinforce its investment capacity.

SOURCE: Negócios