Abraaj makes big profit on Turkish deal

Dubai-based Abraaj Capital has made a \"significant profit\" from the sale of its stake in Turkish hospital group Acibadem, its CEO said on Friday. \"We\'ve created the largest healthcare platform in emerging markets. The deal proves that despite two years of gloom globally, we managed to complete such an exit. We made a significant profit on our investment,\" Abraaj CEO Arif Naqvi told Reuters. Integrated Healthcare Holdings (IHH), a healthcare unit of Malaysia\'s Khazanah Nasional, said in a statement earlier on Friday it had signed a conditional agreement to acquire 60 percent of the enlarged share capital in Acibadem. IHH said acquisition will be paid partly in cash and partly in the form of newly issued IHH shares, which will see private equity firm Abraaj Capital emerge as a shareholder of IHH. Abraaj previously held 46 percent stake in the joint venture company Almond Holding, which controlled 92 percent of Acibadem. \"We got paid 50 percent in cash and 50 percent shares in IHH. It\'s a significant minority stake with a board seat,\" Naqvi said. Abraaj is one of the Middle East\'s biggest private equity firms, managing assets of over $6bn.