Khazanah Nasional Buys into Acibadem

Malaysian’s state-linked investor fund Khazanah Nasional and its healthcare unit, Integrated Healthcare Holdings, will acquire Turkish hospital group Acibadem, Reuters wrote Friday. The deal values Acibadem at $1.68 billion. Integrated Healthcare Holdings will acquire 60% of the company; Khazanah, via its special purpose vehicle Bagan Lalang Ventures, will co-invest with IHH to acquire a 15% direct stake, Reuters wrote. The Aydinlar family will own the remaining 25% of Acibadem.

(Reuters) – Malaysian’s state-linked investor fund Khazanah Nasional and its healthcare unit bought stakes in Turkish hospital group Acibadem that values the firm at $1.68 billion.

Integrated Healthcare Holdings (IHH), Khazanah’s 70 percent-owned healthcare unit, said in a statement on Friday it signed a conditional agreement to acquire 60 percent of the enlarged share capital in Acibadem.

Khazanah, via its special purpose vehicle Bagan Lalang Ventures, co-invest with IHH to acquire a 15 percent direct stake in the Turkish private healthcare services provider, IHH said.

The Aydinlar family will own the remaining 25 percent of Acibadem.

“This acquisition values Acibadem at approximately $1.68 billion for its entire Class A and Class B share capital,” IHH said.

IHH also said acquisition will be paid partly in cash and partly in the form of newly issued IHH shares, which will see Aydinlar family and private equity firm Abraaj Capital emerge as shareholders of IHH.

Abraaj previously held 46 percent stake in the joint venture company Almond Holding, which controlled 92 percent of Acibadem.

Deustche Bank was the sole financial advisor on the acquisition. (Reporting by Niluksi Koswanage)