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
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals