AsianFin -- Hong Kong-listed Chinese conglomerate Fosun International said Friday that its Portuguese insurance arm Fidelidade has agreed to sell a 40% stake in Luz Saude, one of Portugal’s largest private healthcare operators, to an entity linked to Australia’s Macquarie Group for €310 million ($362.9 million).

The buyer, MEIF 7 Med Holdings, is affiliated with Macquarie European Infrastructure Fund 7 and managed by Macquarie Asset Management, the asset management arm of Macquarie Group.

Following completion of the deal, Fidelidade will retain a controlling 59.86% of shares and voting rights in Luz Saude, Fosun said in a filing.

The transaction underscores rising interest in Portugal’s healthcare sector from private equity and infrastructure investors. France’s Vivalto Santé acquired rival operator Lusiadas Saude in 2022, while Spain’s MCH Private Equity bought a minority stake in Sanfil-Global Health earlier this year.

Luz Saude operates 30 hospitals, clinics, and nursing homes across Portugal, making it one of the country’s largest healthcare providers.

Fosun had previously considered listing Luz Saude on the Lisbon stock exchange but scrapped the plan in 2023, citing volatile market conditions and geopolitical tensions in the Middle East.

The Shanghai-based conglomerate began its investment in Portugal in 2014 with the €1 billion acquisition of Fidelidade. It currently owns 85% of the insurer, which in turn holds the controlling stake in Luz Saude.