Fosun International, China’s largest privately-owned conglomerate, is one of Portugal’s newest investors. In a €1 billion deal, the Chinese group has won the bid for 80% of the share capital of three Portuguese insurance companies – Fidelidade, Multicare and Cares – all wholly-owned subsidiaries of Caixa Seguros, part of the state’s Caixa Geral de Depósitos Group.
The terms and conditions of this latest privatisation deal concluded by the Portuguese government will be finalised very soon, subject to regulatory approvals.
Fosun said in a press release: “Portugal is a highly attractive key market and matches well with our global expansion strategy.”
The group also revealed it would pay attention to investment opportunities in other sectors of the Portuguese market – such as real-estate, tourism and brand products.
The Fosun Group was founded by four university graduates from Shanghai’s Fudan University in 1992 and has grown to become considered one of the most lucrative private corporations in China.
The other bidder in the Caixa Seguros privatisation plan was the US group Apollo Management International, whose proposal was rejected.
