Private equity-backed Turkish insurance company Acibadem Sigorta has reportedly drawn interest from three suitors.
Sompo Japan Insurance, Malaysia’s state-run investment firm Khazanah Nasional Berhad and British medical services company Bupa are participating in an auction process to buy a stake, said Reuters, citing three banking sources.
The company is a 50:50 joint venture between private equity firm Abraaj Group and CEO of Turkish healthcare comapny Acibadem Mehmet Ali Aydinlar.
It was reported earlier this year that Abraaj decided to exit its 50 per cent interest in Acibadem Sigorta.
“(The offer) prices are very similar to each other. They are talking to all sides,” said one of the people, while another sources said the asking price is around $200m to $300m.
The company saw its premium income rise 22 per cent to TRY150m ($77.9m) in the first two months of the year as premiums across the sector rose 7.7 per cent to TRY678m during the same period.
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