Turkven to float Medical Park after three-year holding

Medical Park, which manages 29 hospitals across Turkey, has a $1.2bn turnover. The GP is likely to float the Turkish hospital group on the Istanbul stock exchange in the first quarter of 2018. 

Turkven currently owns a majority stake between 50-54% in Medical Park and is planning to sell around half the shares and retain a stake of around 25%, a source close to the situation told unquote".

Given the usual appetite for healthcare businesses on stock exchanges, Medical Park's valuation is expected to exceed the revenues figure, which could make it the biggest IPO to date in Turkey, the source added.

Medical Park was established in 2005 through a partnership between two existing hospitals based in Istanbul. It operates with 1,750 physicians, 15,000 employees and 4,900 beds across 29 hospitals.

Carlyle initially invested in the hospital group in December 2009, picking up a 40% stake in an all-equity deal via its MENA fund. In January 2014, Turkven acquired Carlyle's 40% holding. The deal saw the company's other investors, Sancak Group and Usta Group, also partially sell their interests.

In June 2017, Turkven floated clothing company Mavi Jeans on the Istanbul stock exchange, a listing valued at $500m. In July 2017, the GP floated DP Eurasia, which owns and controls Domino's Pizza outlets in Russia, Turkey, Georgia and Azerbaijan, on the London Stock Exchange.

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• Topics
• Healthcare
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• Turkven Private Equity