Khazanah Nasional Bhd., Malaysia’s state investment
company, offered more than $900 million for a majority of Turkey’s largest
hospital chain, Acibadem Saglik Hizmetleri & Ticaret AS (ACIBD), 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.
Khazanah has spent $3.7 billion
on acquisitions of health- care services providers since 2005, according to
Bloomberg data. In July 2010, Khazanah offered S$3.5 billion ($2.7 billion) for
the 76.1 percent of Singapore’s Parkway Holdings Ltd. it didn’t already own,
beating New Delhi-based Fortis Healthcare Ltd. to Asia’s biggest hospital
operator.
Khazanah Managing Director
Azman Mokhtar couldn’t be immediately reached for comment when phoned at his
office in Kuala Lumpur today. Dubai-based Abraaj couldn’t be reached outside of
normal business hours.
Mehmet Ali Aydinlar, chairman
of Acibadem Saglik Yatirimlari Holding AS, also known as Almond Holding AS,
which controls 92 percent of Acibadem Saglik Hizmetleri & Ticaret AS,
couldn’t be reached by telephone. His office in Istanbul said he is traveling.
Market Value
Acibadem shares fell 0.4
percent to 23.70 lira, giving the company a market value of 2.37 billion lira
($1.26 billion). A 75 percent stake is valued at $945 million, based on
yesterday’s closing price. Khazanah didn’t offer a significant premium because
the Turkish company’s shares have surged 88 percent this year, one person said.
Integrated Healthcare and
Acibadem on Sept. 30 entered into a non-binding agreement to explore a joint
partnership with the intention of creating an international partnership,
according to a statement at the time. Three people with knowledge of the talks
said last month that Khazanah may buy a stake in Acibadem.
Integrated Healthcare may raise
as much as $2 billion in an initial public offering next year, according to
people with knowledge of its plans. Its Parkway Pantai Ltd. (PWAY) unit runs 16
hospitals in Singapore, Malaysia, India and Brunei, and Integrated Healthcare
also owns a stake in India’s Apollo Hospitals Enterprise Ltd. (APHS)
Abraaj’s Stake
Abraaj, 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, according to data compiled by Bloomberg.
Turkey’s growing health-care
industry has attracted international investors including Carlyle Group, the
world’s second-largest private-equity firm, which bought 40 percent of hospital
operator Medical Park Saglik Grubu AS for $150 million in 2009. Asia Debt
Management Capital of Hong Kong, PGGM NV and the World Bank’s International
Finance Corp. agreed to buy a 26 percent stake in Turkish hospital chain
Universal Saglik Yatirimlari Holding AS for $140 million in May.
The Khazanah offer was earlier
reported by the Nikkei newspaper, which said the value of the transaction is
around $650 million. Mitsui & Co. (8031), Japan’s second-biggest trading
company, owns 30 percent of Integrated Healthcare.
Joyce Koh, Barry Porter and
Elffie Chew
Bloomberg
Business & Investment Opportunities
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