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Abraaj eyes Acibadem Sigorta health insurer exit

28 Feb 2013

monitor-heart-medical-final1The Middle East’s largest private equity firm, The Abraaj Group, is reportedly planning an exit of its 50 per cent stake in Turkish health insurer Acibadem Sigorta.

The remaining 50 per cent owned by Acibadem health group founder Mehmet Ali Aydinlar.

Reuters reported the exit interest, citing three sources familiar with the matter.

The news comes just over a year after The Abraaj Group, known then as Abraaj Capital, sold its stake in Turkish hospital chain Acibadem Saglik.

Private equity firms including TPG Capital, KKR, Blackstone and Advent International were all thought to be interested in Abraaj’s stake in the company, which was eventually bought by the investment arm of the Malaysian government.

Khazanah Nasional’s stake purchase valued the company at about $1.68bn.

Last month The Abraaj Group and Colony Capital were reportedly in talks to buy a minority stake in Turkish pastry and tea chain Simit Sarayi.

Simit Sarayi, which roughly translates as “bagel palace”, hoped to raise about $500m according to the FT, which cited a report in Turkey’s Hurriyet newspaper.

Simit is a circular, sesame seed-covered bread which the company hopes to export from Turkey to the rest of the world.

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