Foreign Investment Reshapes Portugal's Private Healthcare Landscape with Major Deals in Lisbon and Algarve
Portugal's private healthcare sector is undergoing a significant transformation, marked by a series of high-value acquisitions of hospitals and clinics in key regions including Lisbon, Porto, Coimbra, and the Algarve. International investment funds and private conglomerates are actively purchasing healthcare assets, responding to demographic shifts, the increasing demand for private medical services due to pressures on the public National Health Service (SNS), and the ongoing need for digital transformation across the industry.
In a landmark transaction for the sector, Portuguese insurer Fidelidade confirmed in September an agreement with the Australian-based Macquarie Asset Management for the sale of a 40% stake in Luz Saúde. The deal, with a base price of €310 million, places the enterprise value of Luz Saúde at over €1.1 billion, making it the largest healthcare transaction in Portugal this year. Francisco Montenegro, a partner at the consulting firm Bain & Company, stated that the sale “is highly significant in Portugal and emblematic of the sector's attractiveness in Southern Europe.” He added that the deal aligns with a broader European trend where “investors are looking for resilient assets with scale and strong local brands.”
The strategy for these international investors typically involves fostering growth by expanding existing capacity, reinforcing outpatient service networks, and accelerating the adoption of digital technologies. According to Paulo Soares de Oliveira, founder of the corporate finance advisory firm Soares de Oliveira & Associados, this transaction values Luz Saúde at 9.5 times its EBITDA and reflects a growing interest from private equity funds in “scalable and tech-enabled health assets in Europe to handle an aging population and fiscal pressure on public systems.” He noted that Macquarie intends to support Luz Saúde’s expansion in Portugal, focusing on digitalization and operational efficiency.
The investment trend extends beyond large hospital networks to specialized medical facilities. Last week, the Dutch group Amethyst Healthcare, a specialist in cancer treatments, acquired Júlio Teixeira SA, a Portuguese company focused on radiotherapy with clinics in Porto and Lisbon. This acquisition integrates the local operator into a pan-European network, providing access to broader clinical expertise and capital for service expansion. The deal was supported by advisory firms Finantia, CMS Portugal, and PwC, signaling robust professional interest in the sector. For foreign investors navigating this complex market, engaging with English-speaking real estate lawyers can be crucial for due diligence.
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Further activity includes the investment by Atena Equity Partners and 3T Portugal in Lisbon's Hospital da Ordem Terceira do Chiado. Meanwhile, Spanish private equity fund MCH acquired a minority stake in Global Health Company – Sanfil Medicina, which manages three hospitals and six clinics in central Portugal. The Portuguese Competition Authority (AdC) has noted this uptick in activity, having received three merger notifications in 2025 thus far, compared to two in all of the previous year.
Globally, private equity activity in healthcare has shown growth in the first half of the year, according to data from Bain. The drivers for this M&A activity—aging populations, pressure on public health systems, and rapid innovation—remain strong. Analysts predict that the second half of 2025 and the entirety of 2026 will continue to see robust deal flow, with a focus on specialized areas like oncology and medical technology. This evolving landscape presents unique opportunities, which are further detailed in our investment and strategy guides.
A significant upcoming development is the potential acquisition of the Hospital Particular do Algarve (HPA) by CUF, which is currently undergoing an in-depth investigation by the AdC to evaluate potential impacts on market competition. The authority has been conducting its review since July 16 to determine if the merger could create significant impediments to competition in the national market.
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