Wednesday 20 February 2019

Abraaj made ‘big profit’ on Acibadem deal

Dubai, December 24, 2011

Dubai-based Abraaj Capital has made a "significant profit" from the sale of its stake in Turkish hospital group Acibadem, its CEO said on Friday.

"We've created the largest healthcare platform in emerging markets. The deal proves that despite two years of gloom globally, we managed to complete such an exit. We made a significant profit on our investment," Abraaj CEO Arif Naqvi told Reuters.

Integrated Healthcare Holdings (IHH), a healthcare unit of Malaysia's Khazanah Nasional, said in a statement earlier on Friday it had signed a conditional agreement to acquire 60 per cent of the enlarged share capital in Acibadem.

IHH said acquisition will be paid partly in cash and partly in the form of newly issued IHH shares, which will see private equity firm Abraaj Capital emerge as a shareholder of IHH.

Abraaj previously held 46 per cent stake in the joint venture company Almond Holding, which controlled 92 per cent of Acibadem.

"We got paid 50 per cent in cash and 50 per cent shares in IHH. It's a significant minority stake with a board seat," Naqvi said.

Abraaj is one of the Middle East's biggest private equity firms, managing assets of over $6 billion. – Reuters

Tags: Dubai | Shares | profit | Abraaj | Acibadem | Turkish hospital |

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