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Huge Turkish hospital chain sold for £650m

Malaysian sovereign fund Khazanah Nasional has bought a controlling stake in Turkish hospital chain Acibadem, now the world’s second largest group in terms of bed capacity.

Acibadem’s current owners Abraaj Capital have agreed to transfer a 60% stake to Khazanah’s healthcare arm, Integrated Healthcare Holdings, and 15% equity to Khazanah directly. The value of the transaction is reported to be around $650 million (£413 million).

Abraaj Capital will completely leave the group having bought it for around $600 million in 2008. Acibadem’s current market cap stands at around £1.2 billion and the group operates in 23 different locations through a network of 11 general hospitals, and several outpatient clinics, medical centres and laboratories.

Turkey’s growing healthcare sector continues to attract interest from international investors. US private equity firm Carlyle Group took over the country’s Medical Park hospital chain in 2009 and is reportedly considering a sale or IPO towards the end of the year. In May, Turkey’s Universal Hospitals Group secured $140 million in investment from a trio of investors including Dutch asset manager PGGM and IFC, an investment arm of the World Bank. And private equity firm Mid Europa recently acquired a 65% stake in the Kent Hospital Group, a hospital complex situated in the western Turkish city of Izmir.

Posted on: 21/12/2011

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