Grupo Angeles Servicios de Salud SA de CV made an offer to acquire the remaining 96.5% stake in Espírito Santo Saúde SGPS, SA. (ENXTLS:ESS) from Espírito Santo Health Care Investments, S.A., Rio Forte Investments S.A. and others for approximately €400 million on August 19, 2014. Under the terms, Grupo Angeles offered a price of €4.3 for each share of Espírito Santo Saúde not held by Grupo Angeles Servicios de Salud. As of August 13, 2014, Grupo Angeles Servicios de Salud SA de CV holds approximately 3.5% stake in Espírito Santo Saúde SGPS, SA. Grupo Angeles Servicios de Salud SA will acquire Espírito Santo Saúde SGPS, SA. as a going concern entity. Pursuant to obtaining more than 90% stake, Grupo Angeles Servicios de Salud will go for squeeze-out of the remaining minority stake in Espírito Santo Saúde SGPS, SA. The deal is subject to regulatory approvals, third party approvals and acquisition of minimum of 50.01% of Espírito Santo Saúde. As of September 9, 2014, the Board of Directors of Espírito Santo Saúde SGPS, SA. approved the offer.

As of September 11, 2014, a competing bid was announced by José de Mello Saúde, S.G.P.S at €4.4 per share of Espírito Santo Saúde SGPS. As of September 19, 2014, it was announced that Grupo Angeles Servicios de Salud SA de CV made a revised offer to acquire remaining 96.5% stake in Espírito Santo Saúde SGPS, SA. (ENXTLS:ESS) from Espírito Santo Health Care Investments, S.A., Rio Forte Investments S.A. and others for approximately €430 million. Under the terms, Grupo Angeles offered a price of €4.5 for each share of Espírito Santo Saúde not held by Grupo Angeles Servicios de Salud. As of September 22, 2014, Fidelidade-Companhia de Seguros, S.A. announced a competing offer to acquire Espírito Santo Saúde SGPS, SA. (ENXTLS:ESS) for €450 million at €4.72 per share.

Antonio Villacampa, Ana Sá Couto, and Catarina Tavares Loureiro at Uría Menéndez Abogados, S.L.P. acted as legal advisor to Banco Bilbao Vizcaya Argentaria (Portugal), S.A. Morais Leitão, Galvão Teles, Soares da Silva & Associados acted as legal advisor to Grupo Angeles Servicios de Salud SA de CV.

Grupo Angeles Servicios de Salud SA de CV cancelled the acquisition of the remaining 96.5% stake in Espírito Santo Saúde SGPS, SA. (ENXTLS:ESS) from Espírito Santo Health Care Investments, S.A., Rio Forte Investments S.A. and others on September 29, 2014.