Portugal Deputy Finance Minister Manuel Rodrigues was quoted by the Wall Street Journal as saying that the government preferred Chinese Fosun over US-Apollo Global Management, as the former presented a better financial offer and agreed to maintain the unity of the group.
Fosun also promised to boost the operations of all these companies in Africa and Asia, Rodrigues told the news agency.
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As per the agreement, Fosun will acquire 80% of the share capital and voting rights of each of these firms including Companhia de Seguros, Seguros de Saúde and Companhia de Seguros, which are wholly-owned subsidiaries of Caixa Seguros e Saúde (CSS).
Additionally, the Chinese firm will also purchase shares representing up to 5% of the share capital and voting rights of Fidelidade at the same price it has paid for shares of Fidelidade.
Commenting on the deal, Fosun chairman Guo Guangchang said, "This marks a solid step for Fosun to evolve into Warren Buffett’s model."
Financial terms and conditions relating to the deal is expected to be decided in the sale and purchase agreement and related ancillary agreements.
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