Advised the leading Portuguese hospital operator CUF SGPS on the acquisition of Grupo HPA Saúde

IMAP Portugal has advised CUF S.A. on the acquisition of a 75% stake in Grupo HPA Saúde, the largest independent regional healthcare provider in Portugal.

CUF S.A. is a leading Portuguese healthcare group, generating approximately €900 million in revenues and €150 million in EBITDA, and operating a nationwide network of 30 hospitals and clinics. Grupo HPA Saúde generates around €160 million in revenues and €18 million in EBITDA and has a strong regional presence in southern Portugal and on the island of Madeira.

This strategic transaction marks a decisive milestone in CUF’s expansion, enabling the group to establish a national healthcare network with a presence in southern Portugal (Algarve and Alentejo) and Madeira.

With this acquisition, CUF integrates an additional portfolio of five hospitals and 17 clinics, significantly increasing its capacity to deliver integrated healthcare services across Portugal. The transaction was characterized by a high level of complexity and a multi-year timeline, requiring sustained resilience to navigate rigorous negotiations with multiple shareholders.

IMAP Portugal acted as exclusive financial advisor throughout this long-term process. The team played a central role in maintaining transaction momentum, coordinating multiple stakeholders, supporting negotiations, and assisting in securing final antitrust approval.

This successful closing reinforces IMAP Portugal’s leadership in the healthcare M&A sector and demonstrates its commitment to supporting national champions in medium-to-large, complex, long-haul, and transformative transactions.