Global alternative asset manager The Carlyle Group (NASDAQ:CG) announced it has entered into a definitive agreement to sell its 40% stake in Medical Park, a Turkish healthcare provider, to funds advised by Turkven.
The other shareholders, Sancak Group and Usta Group, have also agreed to partially sell their holdings alongside The Carlyle Group, amounting to a majority sale. The transaction is subject to regulatory approvals and other customary closing conditions.
Since making the investment in 2009 from its MENA Fund, The Carlyle Group has worked with the management and other investment partners to double the turnover and increase the number of hospitals from 13 to 18, with approximately 11,000 employees in Turkey.
Commenting on the sale, Can Delda?, Co-Head of Carlyle Middle East & North Africa (MENA), said, “Our four-year partnership with Medical Park has been a great success for our investors and healthcare consumers. In this period Medical Park doubled its turnover and increased market share. We have enjoyed working with the talented management team, and wish them continued success with their new partners.”
“Medical Park is one of a number of investments Carlyle has made in Turkey since 2007, and we remain committed to both the country and the region.”
Speaking on the sale, Muharrem Usta, Chairman of the Board of Medical Park Group, said, “This partnership represents a new era for Medical Park Group, which, through its investments, has become a leader in the Turkish healthcare sector. Medical Park Group has contributed greatly to the spread of high standards of clinical care, while increasing access to quality healthcare in Turkey. We thank The Carlyle Group for its contributions to this success story and hope to become a global healthcare brand in the coming years together with our new partners.”
Carlyle, Sancak and Usta Group were advised by Goldman Sachs and Credit Suisse.
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