KUALA LUMPUR: Khazanah Nasional Bhd’s insurance holding company, Avicennia Capital Sdn Bhd, has completed the acquisition of a 90% stake in Istanbul-based Acibadem Saglik ve Hayat Sigorta AS (Acibadem Sigorta) for US$252mil (RM810mil).
Khazanah said in a statement that Avicennia Capital, via its special-purpose vehicle Burau Ventures Sdn Bhd, had acquired a combined 90% stake from Mehmet Ali Aydinlar and family and The Abraaj Group. Aydinlar will continue to retain a 10% stake in Acibadem Sigorta.
Acibadem Sigorta is a leading provider of insurance services for corporate and individual clients in Turkey, and has the second-largest health insurance market share in the industry. Headquartered in Istanbul, it currently operates via six regional offices across Turkey.
Acibadem Sigorta’s premium health insurance offering provides its customers with access to a large network of high-quality healthcare facilities in Turkey.
“The Acibadem Sigorta acquisition complements Avicennia Capital’s acquisition of Sun Life Malaysia Assurance Bhd and Sun Life Malaysia Takaful Bhd (formerly known as CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd, respectively) in April 2013 and forms an important piece of an insurance platform Avicennia Capital is seeking to build out,” Khazanah said in the statement.
Apart from Avicennia Capital, Khazanah’s portfolio of insurance assets includes ACR Capital Holdings Pte Ltd that specialises in providing conventional and takaful reinsurance solutions for large and complex risks.
“We’re pleased with the successful completion of the acquisition, as it forms an important piece of the build-out of Khazanah’s insurance platform that is focused on markets with strong growth potential.
“We are further delighted that this completion comes on the back of the official opening of Khazanah’s Turkey regional office in Istanbul at the end of October 2013,” managing director Tan Sri Azman Mokhtar said.
Bank of America Merrill Lynch and CIMB Investment Bank acted as joint financial advisers to Avicennia Capital and Khazanah on this acquisition.