The Abraaj Group on Monday announced that it is selling its stake in Acıbadem Sağlık ve Hayat Sigorta A.Ş., a health insurance provider, to the Malaysian government's investment fund. However, financial details were not disclosed.
The contract stated that the Malaysian investment fund, Khazanah Nasional Berhad, will take control of the 50% stake owned by Abraaj. In addition, Khazanah also acquired the 30% owned by the Turkish co-owner. The remaining 10% will be retained by Mehmet Ali Aydinlar.
Acıbadem saw growth in premiums to TRL 234 million in 2012, compared to the TRL 131 million in 2010. This performance was enough to propel it to the top two, from the sixth rank, by controlling 10% of the market.
Selçuk Yorgancıoğlu, a partner at Abraaj, said they have a track record in putting their money on quality assets "to generate significant and attractive returns."
"It also marks another chapter in Abraaj's successful collaboration with Khazanah, which has included our partnership in IHH Healthcare, one of the largest private healthcare providers in the world," he said in a statement.
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