Abraaj divests 50pc Acibadem stake
Singapore, December 24, 2011
Abraaj Capital has entered into an agreement to divest its entire 50 per cent shareholding in Acibadem Saglik YatirimlariHolding and affiliated companies to Integrated Healthcare Holdings (IHH) and Khazanah Nasional.
Under the terms of the agreement, IHH and Khazanah will acquire a combined 75 per cent shareholding in Acibadem from Abraaj and Turkey's Aydinlar family through a combination of a cash payment and the exchange of newly issued IHH shares, Abraaj said yesterday.
Upon completion of the transaction, Abraaj will become a shareholder in IHH, which is one of the largest emerging market healthcare service providers, operating more than 3,000 beds across 76 healthcare facilities in Asia.
The combined group will be amongst the largest hospital groups operating globally and across emerging markets.
IHH is currently owned 70 per cent by Pulau Memutik Ventures, a wholly-owned subsidiary of Khazanah, and 30 per cent by MBK Healthcare Partners Limited, a wholly-owned subsidiary of Mitsui.
"This transaction demonstrates that quality assets in growth markets can outperform and generate significant returns - even during challenging periods," Abraaj Capital founder and group chief executive Arif Naqvi said.
"The transaction, which is one of the largest to come out of emerging markets, also reinforces the increasing opportunities for collaboration among emerging markets participants," he added.
"It has been extremely rewarding for Abraaj Capital to be part of the Acibadem growth story in which the Aydinlar family has been an exceptional partner.
"We now look forward to this exciting new journey in partnership with Khazanah and Mitsui," he added.
The transaction generates an attractive return for Abraaj which will receive half its proceeds in cash and half in newly issued IHH shares on which it will aim to generate future returns. – TradeArabia News Service