Malaysia's Khazanah to pay $945 mn for 75 % of Turkish hospital group Acibadem

Malaysia's state-linked investor fund Khazanah Nasional and its healthcare unit Integrated Healthcare Holding (IHH) has acquired stakes in Acibadem Saglik Hizmetleri ve Ticaret AS, that values the Turkish hospital group at $1.26 billion (2.37 billion lira).

IHH will acquire 60 per cent of Acibadem and Khazanah's special purpose vehicle Bagan Lalang Ventures, will acquire 15 per cent, while the Aydinlar family will retain 25 per cent.

''This acquisition values Acibadem at approximately $1.68 billion for its entire Class A and Class B share capital,'' IHH said in a statement.

Acibadem shares were yesterday trading at 23.70 lira, giving the company a market value $1.26 billion, which would value the 75 per cent stake at $945 million.

IHH will fund the acquisition partly in cash and partly in the form of newly issued IHH shares, which will see the Aydinlar family and private equity firm Abraaj Capital become shareholders of IHH.

Abraaj, the biggest private equity firm in the Middle East and North Africa, had previously held a 46-per cent stake in the joint-venture company Almond Holding, which controlled 92 per cent of Acibadem. Abraaj had acquired its stake in Acibadem in 2007 and 2008 for about $606 million.