Bupa International announces it has completed acquisition of Turkey’s Acıbadem Insurance

Bupa International announces it has completed acquisition of Turkey’s Acıbadem Insurance
Posted on: 27 Jan 2019

British health group Bupa which has 32 million customers in 190 countries had made necessary agreements to buy Acibadem Sigorta (Insurance) of Turkey, the second largest insurance company in Turkey’s health sector. Bupa has recently announced that the acquisition process of Acibadem is now completed. Acibadem was sold to a Malaysian investment fund 5 years ago.

The foreign group which first started collaborating with Acibadem Health Group in 2002 is now considered to have enlarged their operation in Turkey after the purchase of the Turkish company.

The cost of the purchase was not clearly shared in announcements made by Bupa. Nevertheless, it was noted that Acibadem had served 600 thousand people and made revenue of TL 913 million, in 2017.

Regarding the acquisition Simeon Preston, CEO of Bupa International Markets, said: "We are happy to have signed this agreement. Acibadem's impressive growth, first-class management team and customer focus indicate that we made a great choice to enter this market. For many years, we have been watching the Turkish market and we believe it offers exceptional opportunities for growth. We see this acquisition as our long-term strategic investment. Bupa and Acıbadem share a common commitment to prioritize their customers.

Acibadem Sigorta (Insurance) located in Istanbul, is a specialist provider of health insurance services for the corporate and individual sectors. During the period from 2013 to 2017, Acibadem is said to have increased its market share from 12% to 18% and became the number one Turkish health insurer in corporate business. Acibadem is known to have a very professional executive team, each member with an average experience of over 20 years in the sector.

 

 

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