Private healthcare provider CUF has completed the purchase of a 75% controlling stake in the HPA Saúde group after receiving the ‘okay’ from Portugal’s Competition Authority, it announced on Friday.
The takeover will cost CUF around €86 million, according to reports in the national press. While CUF did not publicly disclose the price, it said the acquisition represents about 7.5% of its total assets, based on figures from June 2025. At that date, CUF reported assets of €1.15 billion, placing the value of the deal at roughly €86.2 million, Jornal Económico points out.
In a statement, CUF said the transaction “marks a decisive step in CUF’s development as a national healthcare network”, allowing it to expand geographically and deliver “high-quality, differentiated care” across the country.
CUF highlighted that the integration of HPA Saúde will bring its 80 years of experience to new regions, while also preserving the local expertise and community ties built by HPA teams.
“The completion of this partnership represents a particularly significant moment for CUF. It allows us to expand and deepen the response we provide to the population, assuming increased responsibility as a national healthcare network,” said CUF CEO Rui Diniz.
For residents in the Algarve, Alentejo and Madeira, CUF said the deal will improve access to an integrated national healthcare network built on “decades of experience, proximity and trust”.
However, the acquisition received conditional approval from Portugal’s Competition Authority (AdC), following an in-depth investigation that began last summer.
As part of the ruling, CUF must build a new medium-sized hospital in the Algarve, which is expected to be sold to a third healthcare provider. If another operator launches a competing hospital project in the region during this period, that alternative will be assessed by both CUF and the regulator.
If neither option materialises, CUF will be required to sell an equivalent hospital from its national network.
The Competition Authority has also ordered CUF to divest a business activity generating more than €15 million in annual revenue. CUF said this requirement “may be met through several options currently under analysis”.
In addition, CUF has committed to maintaining existing commercial conditions with insurers and public health subsystems, with limits on annual price updates. Price increases for uninsured patients will also be capped, alongside stricter transparency, reporting and monitoring obligations until all divestment measures are completed.
After reviewing submissions from rival hospitals, insurers, regulators and CUF itself, the Competition Authority concluded that the imposed measures “adequately address competition concerns” and decided not to block the deal.
Founded in 1996, HPA Saúde is chaired by João Bacalhau and has a strong presence in the Algarve, Alentejo and the Autonomous Region of Madeira, operating five hospitals and 17 clinics.
