Abraaj sells 50pc stake in Turkish insurer
Dubai, July 29, 2013
Emerging markets private equity firm Abraaj Group has agreed to sell its 50 per cent stake in Acibadem Sigorta to Malaysia's state-run investment fund Khazanah Nasional Berhad, Abraaj said in an e-mailed statement on Monday.
Khazanah Nasional also bought a 40 per cent stake in the insurance firm held by Turkey's Aydinlar family for cash, the statement said, without giving further financial details.
Sources had told Reuters last week that three global firms were in the race to buy a stake in Acibadem Sigorta, including Sompo Japan Insurance, Malaysia's state-run investment firm Khazanah Nasional Berhad and British medical services group Bupa.
Acibadem Sigorta is a 50:50 joint venture between a holding company owned by Dubai-based Abraaj and Mehmet Ali Aydinlar, founder of Turkey's Acibadem health group, with a market share of just over 10 per cent.
Just over 18 months ago Abraaj, which manages around $7.5 billion in assets, sold its stake in Turkey's largest hospital chain Acibadem Saglik to Integrated Healthcare Holdings, a unit of Khazanah, in a deal which valued Acibadem Saglik at $1.68 billion. - Reuters
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