The Abraaj Group has agreed to divest its 50 per cent shareholding in Turkish health insurance company Acibadem Sagl?k ve Hayat Sigorta to Khazanah Nasional Berhad, the government of Malaysias strategic investment fund.
Under the terms of the agreement, Khazanah will acquire a combined 90 per cent shareholding in Ac?badem Sigorta from both Abraaj and Turkeys Aydinlar family in exchange for a cash consideration. Mehmet Ali Aydinlar will retain a 10 per cent stake in Ac?badem Sigorta and will remain as chairman of the company.
The transaction is expected to be completed following regulatory approvals in Turkey and Malaysia. Financial details of the transaction were not disclosed.
Abraajs investment in Ac?badem Sigorta began in 2007 through a partnership with Aydinlar, chairman and chief executive officer of Acibadem Healthcare, one of Turkeys largest private healthcare groups. In January 2012, Dubai-based Abraaj divested its entire shareholding in the group to Kuala Lumpur-based IHH Healthcare Berhad and Khazanah in exchange of cash and shares in IHH, while retaining its 50 per cent shareholding in Acibadem Sigorta. Abraaj later sold its entire shareholding in IHH in July of last year at IHHs $2bn initial public offering.
Abraaj manages $7.5bn in private equity (majority and significant minority investments with ticket sizes between $10m to $100m) and real estate investments.
It is currently looking to sell its Spinneys stores in Lebanon, Qatar, Jordan and Egypt, and is in talks with Majid al-Futtaim Holding about the stores in the latter two locations. The agreement is expected to be finalised within the next couple of months.