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Khazanah Nasional Bhd, Malaysia's state investment firm, said its insurance arm has completed the $252 million purchase of a 90 percent stake in Turkish insurer Acibadem Saglik ve Hayat Sigorta.

Avicennia Capital Sdn Bhd bought the stake in the Istanbul-based health and life insurer from Mehmet Ali Aydinlar and family and Dubai-based private equity firm The Abraaj Group, according to Khazanah in a statement late on Wednesday.

Aydinlar will keep the remaining stake in Acibadem Sigorta, Khazanah said.

Khazanah, along with Canada's Sun Life Financial Inc, bought CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd from Malaysia's second largest lender CIMB Group Holdings Bhd CIMB.KL in April for $560 million, as the state investor seeks to expand its presence in the insurance sector.

Khazanah's insurance assets also includes ACR Capital Holdings Pte Ltd, which specialises in conventional and takaful reinsurance.

Bank of America Merrill Lynch and CIMB Investment Bank Bhd were joint financial advisers to Avicennia Capital and Khazanah on the deal.