Khazanah sells Turkish healthcare insurer Acibadem Sigorta to UK’s Bupa

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UK-based healthcare company Bupa has agreed to acquire Acibadem Sigorta from Avicennia Capital, an investment arm of Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, per an announcement dated August 17.

No financial terms of the deal were disclosed.

Bloomberg had first reported the discussions between Khazanah and Bupa, adding that the Malaysian SWF was seeking as much as $300 million from the sale.

According to Bloomberg, Khazanah bought 90 per cent of Acibadem Sigorta for $252 million in 2013 from founder Mehmet Ali Aydinlar and Abraaj Capital, subsequently acquiring the remaining shares after the company stopped trading on the local bourse.

Avicennia Capital is an insurance holding company established by Khazanah in 2013. It also operates a joint venture, Sun Life Malaysia, with Sun Life Financial Inc.

Headquartered in Istanbul, Acibadem Sigorta is Turkey’s second-largest health insurer that caters to both corporate and individual consumers, said Bupa. In 2017, it generated gross written premiums of TRY 913 million ($150 million).

The acquisition will enable Bupa to enter the Turkish market by tapping on Acibadem Sigorta’s local market knowledge.

“Acibadem Sigorta’s impressive growth, first-class management team and customer focus make it an excellent choice for market entry. We have been watching the Turkish market for several years and we believe it offers excellent prospects for growth. We see this acquisition as a long-term strategic investment for us,” said Bupa International Markets CEO Simeon Preston.

Commenting on the deal, Acibdaem Sigorta CEO Gökhan Gürcan said, “Bupa has a strong record of developing and growing the businesses it acquires and has the resources and expertise to help us build on the successes of the past 26 years. Together we can support the continued development of the Turkish health insurance market.”

Also read:

Khazanah to be used to reduce Malaysia govt’s $250b debt?

Khazanah’s investment playbook set for overhaul after board revamp

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.