News Article

Global financial services group Macquarie is acquiring a 40% stake in leading Portuguese private hospital group Luz Saúde for around €310 million. Candesic is pleased to have advised Macquarie Group on its investment.

The stake will be acquired from Fidelidade, the leading insurance company in Portugal, who will retain a 60 per cent stake in the company.

The deal values Luz Saúde at an enterprise value of €1.1 billion, and highlights market confidence in stable cash flows from healthcare infrastructure.

Luz Saúde consists of 14 private hospitals, 15 private outpatient clinics, and one senior residential facility. The facilities provide specialised and complex clinical services across more than 65 medical specialties by a team of more than 5,300 doctors in its locations across Portugal.

The Candesic team was led by Managing Partner Dr Leonid Shapiro and Engagement Manager Fabio Ruffinoni.

Dr Shapiro said: “This transaction reinforces the continued attractiveness of the Portuguese healthcare market, particularly in areas like diagnostics and outpatient care, which remain resilient despite broader M&A headwinds.”

“We see strong fundamentals in Portugal, an aging population, growing demand for high-quality care, and under-penetration by international players, which make it an increasingly compelling destination for healthcare investors.”

The transaction is expected to reach financial close by Q4 2025 subject to the satisfaction of customary closing conditions.