Abraaj Capital, the Middle East's largest private equity firm, plans to sell its 50 percent stake in Turkish health insurer Acibadem Sigorta, three sources familiar with the matter have said.
Acibadem Sigorta is a 50:50 joint venture between a holding company owned by Dubai-based Abraaj and Mehmet Ali Aydinlar, founder of Turkey's Acibadem health group, and ranks third in the sector with a market share of just over 10 percent.
Turkey's economy, the fastest growing in Europe in 2011, expanded by less than 3 percent last year but its young and growing population of 75 million is regarded as under-insured, with total premium income rising 12 percent to 19.8 billion Turkish liras ($11bn).
Health insurance premiums were up 11.9 percent at 2.24 billion liras last year, with Acbadem Sigorta's premium income jumping 35.5 percent to 230.3 million liras, according to official data.
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