Middle East, North Africa and South Asia buyout firm Abraaj Capital has bought a stake in Turkish healthcare group Acibadem Healthcare Services for an undisclosed sum, according to a statement.
The buyout firm owns a 34.8 percent stake in Acibadem but it has acquired the company in partnership with its co-founder and chief executive Mehmet Ali Aydinlar – also with a 34.8 percent stake. Abraaj has also bought a 50 percent stake in health insurance company Acibadem Sigorta from Aydinlar for an undisclosed sum.
Acibadem operates various healthcare centres including six hospitals, two outpatient clinics and five medical centres. It is building another eight hospitals.
Arif Naqvi, vice chairman and chief executive of Abraaj, said: “Given the high population growth rates, lower infant mortality rates and increased life expectancies, the need for the expansion of high-quality healthcare has never been greater.” Without private sector involvement in the healthcare sector the region would not be able to keep pace with the growing demand for services, he said.
The investment came from Abraaj’s infrastructure and growth capital fund, which had a second close on $1.7 billion (€1.15 billion) in October last year.