Bloomberg News

Abraaj Said to Hire Goldman, Merrill to Sell Acibadem Stake

June 17, 2011

(Adds history of Abraaj’s investment in fifth paragraph.)

June 17 (Bloomberg) -- Abraaj Capital Ltd. hired Goldman Sachs Group Inc. and Bank of America Merrill Lynch to find a buyer for its Turkish hospital unit Acibadem Saglik Hizmetleri & Ticaret AS, according to two people with knowledge of the sale.

Abraaj, based in Dubai, plans either to sell its entire stake to a single buyer, or offer the shares on the market, said the people, who declined to be identified because the talks are private.

Acibadem’s market value is 2.25 billion liras ($1.4 billion), based on today’s closing share price. Abraaj has a 46 percent stake in Almond Holding, which owns 92 percent of Acibadem, according to data on the website of the Istanbul Stock Exchange. The stock rose 9.3 percent to 22.45 liras at 5:30 p.m. in Istanbul, extending earlier gains.

Abraaj’s Turkey manager, Selcuk Yorgancioglu, didn’t answer phone calls seeking comment on the sale.

Abraaj Capital, the biggest private equity firm in the Middle East and North Africa, bought the Acibadem stake for about $606 million in 2007 and 2008. Funds under management were $6.6 billion at the end of 2009, according to its website.

Turkey’s growing health-care industry has attracted investors including Carlyle Group, the world’s second-largest private-equity firm. Carlyle bought 40 percent of hospital operator Medical Park Saglik Grubu AS for an undisclosed price in 2009.

Acibadem, based in Istanbul, operates 11 general hospitals, 8 medical centers and a laboratory and genetic diagnostic center in Turkey, according to its website.

--Editors: Mark Bentley, Phil Serafino

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.


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