Abraaj divests Acibadem Insurance

As a result of the transaction, Abraaj has fully exited the company. The group was reported to be mulling a sale of Acibadem Insurance earlier this year.

Khazanah will acquire a 90% stake in Acibadem Insurance, with the further 40% shareholding being sold by Turkey's Aydinlar family, which will retain a 10% stake.

Abraaj first invested in Acibadem Insurance in 2007. The GP backed its parent company, the Acibadem Healthcare Group, with a €409m investment, according to unquote" data. Abraaj then divested its shareholding in Acibadem Healthcare in December 2011 for an estimated €940.5m, but retained its 50% stake in Acibadem Insurance.

Company
Founded in 1992, Acibadem Insurance is headquartered in Istanbul and is part of the Acibadem Healthcare Group, which currently employs 6,500 staff.

The company provides health insurance services for both corporate and individual Turkish customers. According to Abraaj, the company holds the second largest market share in the industry.

People
Selçuk Yorgancıoğlu is a partner and head of Central Asia and Turkey at Abraaj.

Advisers
Vendors – Lazard (Corporate finance); Raiffeisen (Corporate finance); Freshfields Bruckhaus Deringer (Legal); Kinstellar (Legal).

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