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Espirito Santo family's health care business gets takeover offer


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Espirito Santo family's health care business gets takeover offer

A Mexican company has made a takeover bid for Espirito Santo Saude, the health business owned by Portugal’s indebted Espirito Santo family.

Mexico’s Grupo Angeles is offering about 411 million euros.

That could be welcome news for the Espirito Santo family.

They need to sell assets after their main holding companies filed for creditor protection in July under a mountain of debt, leading to the collapse of Banco Espirito Santo, at one time Portugal’s largest bank. It had to be rescued because of its exposure to the family’s debts.

The health care business operates 18 centres in Portugal, including hospitals, clinics and care homes for the elderly.

Espirito Santo Saude has made no immediate public response to the takeover approach.

with Reuters

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