Qatar bank buys into Turkish healthcare group
Doha, August 28, 2010
Qatar First Investment Bank (QFIB), a Shari'ah compliant investment bank, has acquired a 40 per cent minority stake in Memorial Health Group (MHG), one of the leading healthcare providers in Turkey.
The acquisition was made along with Argus Capital, a London based private equity house.
MHG began operations in February 2000 and is among the top two ‘class A’ healthcare groups in Turkey, offering high quality service with well respected physicians and state-of-the-art equipment.
MHG offers a full range of medical services covering 41 branches of medicine including, but not limited to, general surgery, cardiology, cardiovascular surgery, organ transplants, neurosurgery, da Vinci robotic surgery and orthopaedics.
MHG’s main hospital complex is located in Istanbul, a 55,000 sq m facility with a 214 bed capacity. In addition, MHG also operates two other complexes, one on the Asian side of Istanbul in Atasehir district with 143 bed capacity and the other in the Bahcelievler on the European side with a 114 bed capacity.
It also operates a complex in Antalya with a 132 bed capacity in addition to two outpatient polyclinics both located in Istanbul.
MHG was the first hospital to receive the joint commission international accreditation in 2002 and has since renewed in 2005 and 2008. It was also the first private hospital to carry out liver and kidney transplantation and blood-type incompatible pediatric liver transplantation.
“Healthcare is a key sector for QFIB. It is a growing sector in the MENA region and is resilient to economic downturns due to the necessity of the services,” said Abdullah Bin Fahad Bin Ghorab Al Marri, chairman of QFIB.
“Turkey, being the largest Islamic country in Europe and the Middle East, is an extremely important market. The acquisition of a stake in Memorial Health Group, the leading Turkish healthcare provider with a growing number of patients nationwide, is a clear indication of our intention to diversify and establish ourselves in a number of key growth industries.”
“This is our second deal in the health care sector and we are confident that our stake in Memorial Health Group will result in significant growth. The company has a proven track record of success. Their market share and future plans make them exactly the type of company we look to invest in,” he concluded.
QFIB and Argus Capital were advised by Daruma Corporate Finance on this transaction, the leading healthcare advisory company in Turkey.
Turgut Aydın, president and chairman of Memorial Health Group said: “We are pleased to welcome QFIB into the group as an investor and advisor. QFIB enjoys a sound reputation as a fast growing bank with a diverse shareholder base.
“Their experience and unique expertise will undoubtedly benefit Memorial Health Group as we endeavor to continue developing our offer in Turkey and abroad. QFIB shares our vision in maintaining MHG’s leadership position in the growing healthcare sector.”
Managing partner of Argus Capital, Ali R Artunkal said: 'We consider the investment in Memorial as our landmark entry to the Turkish market which we have been actively focusing on in the past three years.” – TradeArabia News Service
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