FOSUN INTERNATIONAL LIMITED (Hong Kong, October 16, 2014) Fosun International Limited (HKSE stock code: 00656, together with its subsidiaries, "Fosun") announced today that its subsidiary Fidelidade had acquired by means of a competitive takeover bidding process a 96.07% interest in the Portuguese healthcare service provider Espírito Santo Saúde - SGPS, SA ("ESS") at a bid of EUR5.01 per share or EUR459.83 million (approximately US$589.50 million) in aggregate. Also expressed interest in the acquisition of ESS including the José de Mello Saúde, a local Portuguese healthcare services group, the Grupo Angeles of Mexico and UnitedHealth Group of the US, one of the Fortune 500 companies.
ESS is one of the leading private hospital groups in Portugal. ESS owns Hospital da Luz, one of the largest private hospitals in Lisbon, 7 other hospitals, 7 clinics and 2 senior care institutions, and manages 1 public hospital. By the end of 2013, ESS had revenue of EUR374 million and achieved EBITDA of EUR59 million.
Fosun said as Fidelidade completes its acquisition into the Portuguese healthcare services provider ESS, it will be able to exploit seamless synergies with its healthcare insurance business in the areas of revenue and cost control, product differentiation, and bargaining capabilities. And it will continue to consolidate and strengthen Fidelidade and ESS's leading position in their markets and form a strong support. Meanwhile, the smooth conclusion of this acquisition has accomplished another successful case of Fosun's deepened "insurance + investment" strategy. As at June 30, 2014, Fosun facilitated Fidelidade's acquisition into a 3.97% interest in the Portuguese power grid company Redes Energéticas Nacionais, SGPS, S.A. (REN) held by the state; and other major projects such as 23.16% interest in German fashion and lifestyle company TOM TAILOR.
Fosun has been making a major stride towards becoming a world-class investment group with insurance as its core, and has been identifying different kinds of investment opportunities around the world. Portugal is a very important market for Fosun and a strategic destination in Fosun's global investment footprint. Fosun aspires to anchor from Portugal to seek and identify different investment opportunities within Portugal and in other parts of Europe, covering industries including real estates, leisure travel, healthcare and consumer sectors.
Looking ahead, Fosun will continue to extend its footholds to global investment opportunities, in particularly to enlarge investment and research scales in the field of medical and healthcare. Leveraging integration of insurance services demand and insurance funds in pursuit of its twin drivers of "insurance-oriented comprehensive financial capability" and "industrial-rooted global investment capability" core development strategies, Fosun combines its investment capability and insurance to achieve sustainable growth with Fidelidade.
ABOUT FOSUN
Fosun was established in Shanghai in 1992. Fosun International Limited (00656.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16 July 2007. Fosun has been persistently taking roots in China and investing in China's growth fundamentals. It has been actively implementing its investment model of "Combining China's Growth Momentum with Global Resources", with a view to making a major stride towards becoming a world-class investment group underpinned by the twin drivers of "insurance-oriented comprehensive financial capability" and "industrial-rooted global investment capability". Today, Fosun's businesses include insurance, industrial operations, investment and asset management.
ABOUT FIDELIDADE
Acting as a market player since 1808, Fidelidade is the leading life and non-life insurance company in Portugal. As the undisputed national champion in the insurance industry of Portugal, Fidelidade has the largest market share across products in both life and non-life sectors with a coverage of mainly personal products, and owns a diversified and unique distribution platform and a highly recognized portfolio of brands.
ABOUT ESS
ESS, currently listed on the Euronext Lisbon, is the holding company for a healthcare group of companies in Portugal that principally carry on the operation of acute care hospitals, outpatient clinics, residential hospitals, senior residences with services and national health system (NHS) hospitals in Public-Private Partnerships (PPPs).
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