12/15/2011

Turkish hospital chain acquired by Malaysian fund

Milliyet / Hürriyet - The owner of Turkey’s largest private hospital chain, the Acibadem Group, has reached a deal with Integrated Healthcare Holding (IHH) of Malaysian sovereign fund Khazanah Nasional for the sale of its majority stakes. Acibadem owners, Dubai-based Abraaj Capital, and founder Mehmet Ali Aydinlar agreed to a transfer of a 60 percent share to IHH and a 15 percent share to Khazanah, according to an application made to the Turkish Competition Authority.

The deal will leave Acibadem’s 25 percent stake with Aydinlar, while making the Turkish hospital chain the world’s second largest in terms of bed capacity. Abraaj Capital, meanwhile, will completely leave the enterprise it had bought for about USD 600 million in 2008. The value of the transaction is said to be around USD 650 million.

Turkey’s healthcare sector in recent years has witnessed other significant partnerships and buyouts, attracting investors from both the West and East. The world’s second largest equity investor, US-based Carlyle Group, bought shares in Medical Healthcare, owner of Medical Park hospital chain in 2009, while in last May, Universal Healthcare Group’s 26 percent shares were acquired by the trio of Hong Kong-based Asia Debt Management Capital, Dutch PGGM NV and the World Bank’s International Finance Corp. for USD 140 million. Another notable investment in Turkey’s healthcare industry had been last year’s 40 percent share acquisition of Memorial Healthcare Group by Argus Capital Partners and Qatar First Investment Bank.
Turkey; turkish healthcare sector; turkey healthcare; turkey private hospitals; turkey healthcare investments; acibadem; integrated healthcare holding; abraaj; khazanah

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