Today’s Zaman - A unit of Malaysia's sovereign wealth fund, Khazanah Nasional Berhad, will pay USD 252 million to buy a 90 percent stake in Acibadem Sigorta, Turkey's third-largest insurer based on market share, Khazanah said on Monday.
Acibadem Sigorta is a 50-50 venture between a holding company owned by Dubai-based Abraaj Group and Mehmet Ali Aydınlar, the founder of Turkey's Acibadem health group.
Aydınlar will now own the remaining 10 percent of Acibadem after Khazanah's unit Avicennia completes the purchase, Khazanah said.
Khazanah beat Sompo Japan Insurance and British medical services group Bupa for the stake in the Turkish firm, which has a market share of just over 10 percent at the end of 2012.
Just over 18 months ago Abraaj, which manages around USD 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 USD1.68 billion.