An investor group including Hong Kong-based ADM Capital, World Bank investment arm IFC and Dutch pension fund manager PGGM is looking to sell its stake in Universal Saglik Yatirimlari Holding, the Turkish hospital chain it bought two years ago.
The group, which bought a 26 per cent stake in the hospital chain in 2011 for $140m, are understood to have appointed Istanbul-based investment bank Daruma Corporate Finance to advise on the possible sale, Bloomberg reported, citing unnamed people familiar with the matter.
Universal Saglik Yatirimlari chairman Azmi Ofluoglu, who owns the remaining interest in the business, could also decide to sell part of his stake, the report said.
The IFC bought its 4.6 per cent stake for about $32m, the report added.
Universal Saglik Yatirimlari operates a chain of 11 hospitals in seven cities in Turkey – less than the 18 hospitals the company operated at the time of the investment.
ADM Capital bought its stake through its CEECAT Recovery Fund, a €265m vehicle that targets turnaround investments in companies based in Central and Eastern Europe, Central Asia and Turkey.
The firm’s strategy is to invest primarily through debt or debt related instruments in single credits and to control corporate governance though debt-style indentures.
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