Dec. 23 (Bloomberg) -- Khazanah Nasional Bhd., Malaysia’s state investment company, has offered more than $900 million for a majority of Turkey’s largest hospital chain, Acibadem Saglik Hizmetleri & Ticaret AS, according to two people with knowledge of the offer.
Integrated Healthcare Holdings Sdn, controlled by Khazanah, will buy 60 percent of Acibadem from Abraaj Capital Ltd., and Khazanah will buy another 15 percent, the people said, asking not to be identified ahead of an agreement, which may be signed today.
Integrated Healthcare may raise as much as $2 billion in an initial public offering next year, according to people with knowledge of its plans. It’s Parkway Pantai Ltd. unit runs 16 hospitals in Singapore, Malaysia, India and Brunei, and Integrated Healthcare also owns a stake in India’s Apollo Hospitals Enterprise Ltd.
Acibadem’s market value is 2.38 billion lira ($1.26 billion), data compiled by Bloomberg show. A 75 percent stake is worth $945 million, based on yesterday’s closing price. Khazanah did not offer a significant premium because the Turkish company’s shares have surged 88 percent this year, one person said.
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. Abraaj has a 46 percent stake in Almond Holding, which owns 92 percent of Acibadem, according to data compiled by Bloomberg.
Khazanah Managing Director Azman Mokhtar couldn’t be immediately reached for comment when phoned at his office in Kuala Lumpur today. Officials at Abraaj and Acibadem were not available to comment outside of normal business hours today.
The offer was earlier reported by the Nikkei newspaper, which said the value of the transaction is around $650 million. Mitsui & Co., Japan’s second-biggest trading company, owns 30 percent of Integrated Healthcare.
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