In an announcement on their website, Bupa confirmed they set to acquire Acibadem Sigorta, Turkey’s second largest health insurer.
Although the acquisition is still awaiting regulatory approval, the CEO of Bupa International said…
“We’re delighted to announce Bupa’s agreement to acquire Acıbadem Sigorta. Its 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. Bupa and Acıbadem Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family.”
Acibadem Sigorta that bases its headquarters in Istanbul is a prominent Turkish company with over 500 employees. Providing coverage for roughly 600,000 people through corporate and private sectors, it is a significant boost to the Bupa international market sector.
A statement released by them said….
“We’re very much looking forward to becoming part of the Bupa family. Together we have a shared commitment to helping our customers live longer, healthier, happier lives.
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.”
Bupa, one of the largest health insurers in the world employs 78,000 people and work in many countries including the UK, and Australia, and the Middle East. Although health insurance forms a significant part of their business, they also run retirement homes and villages, and dental clinics and hospitals.
Serving 15 million people a year, the company was founded in 1947 with the mission statement to prevent, relieve and cure sickness and ill-health of every kind. A big boost to their business was in the 1980s when they bought out Sanitas that was Spain’s largest health insurer.
Acibadem Sigorta was founded in 1992 and called Bayindir Sigorta. In 2004, Mehmet Ali Aydinlar bought the company and renamed it to Acibadem Saglik Ve Hayat Sigorta. Three years later, the Abraaj group acquired a 50% stake in shares, until 2013, when it entered a new partnership with Avicennia Capital, an investment arm of Malaysia’s strategic investment fund.