Macquarie Asset Management to acquire Luz Saúde stake

Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, has reached an agreement to acquire a 40 per cent stake in Luz Saúde, a leading Portuguese healthcare group, for approximately €310 million. The stake will be acquired from Fidelidade, the leading insurance company in Portugal, who will retain a 60 per cent stake in the company.

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.

Through its investment in Luz Saúde, Macquarie Asset Management intends to support the group’s growth across the country, the attraction of top medical professionals, and the provision of state-of-the-art patient quality of care. Macquarie Asset Management will also invest in Luz Saúde’s technology and digitalisation to further improve customer and treatment outcomes.

Juan Caño, Head of Iberia at Macquarie Asset Management, said: "Luz Saúde is a leading operator of acute healthcare facilities, delivering exceptional treatment to the Portuguese population through its talented team of medical professionals and cutting-edge technology. We are delighted to partner with Fidelidade as we work together to further enhance Luz Saúde’s healthcare services to benefit the communities they serve.”

Macquarie Asset Management, the world’s largest infrastructure asset manager¹, is a long-term investor in the social and healthcare sectors. In Europe, Macquarie Asset Management is invested in Beacon Hospital, a technologically advanced private healthcare facility in Dublin, Ireland, and Viamed Salud, one of Spain’s leading hospital groups.

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

1. IPE Real Assets July / August 2025