Business

Khazanah pays RM3.7b for key stake in Turkish healthcare firm

By Yow Hong Chieh
January 24, 2012

KUALA LUMPUR, Jan 24 — Khazanah Nasional’s healthcare unit has acquired 75 per cent stake in Acibadem Saglik Yatirimlari Holding (ASYH) for RM3.66 billion, marking its first foray into Turkey’s private healthcare space.

ASYH owns 92 per cent of Acibadem Saglik Hizmetleri ve Ticaret, a leading private healthcare services provider in the Turkey.

The state investment arm acquired 60 per cent of ASYH via its healthcare unit, Integrated Healthcare Holdings (IHH), while another 15 per cent was acquired through its wholly-owned special purpose vehicle (SPV), Bagan Lalang Ventures.

The shares were purchased from Mehmet Ali Aydinlar and family and Abraaj Capital, a leading private equity manager investing in the Middle East, Turkey, Asia and Africa.

Mehmet, who founded Acibadem, will continue to remain as chairman and chief executive officer of ASYH and its major subsidiaries.

In compliance with the Turkish Capital Markets Board regulations, a mandatory offer will be made by IHH to minorities shareholders of Acibadem, who hold an eight per cent stake in the company.

The acquisition consideration was made by a combination of cash and newly issued IHH shares, which means the Aydinlar family and Abraaj Capital will emerge as shareholders of IHH with a 4.2 and 7.1 per cent stake, respectively.

Khazanah, via another wholly-owned SPV, Pulau Memutik Ventures (PMV), will retain a 62.1 per cent stake in IHH while Mitsui, via wholly-owned SPV, MBK Healthcare Partners Limited, will own a 26.6 per cent stake.

Khazanah said in a statement today that the acquisition represents IHH’s first direct presence in the private healthcare sector in Turkey.

IHH currently has medical assets in Malaysia, Singapore, Brunei, China and India.

Last year, IHH bought most of its medical assets in Singapore via a full takeover of Parkway Holdings Ltd, in a transaction that values the integrated healthcare group at US$3.5 billion (RM10.88 billion).

In addition to Parkway, IHH’s healthcare portfolio currently comprises Pantai Holdings Bhd, International Medical University and shareholdings in Apollo Hospitals Enterprises Ltd.

Khazanah managing director Tan Sri Datuk Azman Hj Mokhtar said the acquisition was a “significant milestone” for Khazanah, even as IHH continues its regional expansion in Turkey.

“This transaction demonstrates the strengthening of economic and bilateral relations between Malaysia and Turkey,” he said in a statement.

Acibadem, which is listed on the Istanbul Stock Exchange, today filed an official announcement on the completion of the acquisition. Deutsche Bank acted as financial advisor to IHH and Khazanah on this acquisition.

 

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