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Aetna, Cigna and Bupa eyeing Turkey market – AET, CI, CS & MET

Boston, MA 03/04/2013 (wallstreetpr) – Aetna Inc (NYSE:AET), Cigna Corp (NYSE:CI) and Bupa Insurance Ltd are planning to bid for 50% stake in Abraaj Capital Ltd’s Acibadem Saglik & Hayat Sigorta AS mentioned by three people who are familiar with this sale.

Abraaj is considered as Middle earth’s biggest Buyout firm, they hired the Raiffeisen Bank International AG (VIE:RBI) to manage the deal as mentioned by the people who declined to reveal their identity because of confidentiality of the matter.

Current market value of Acibadem is around $300million. The company has increased domestic health insurance premiums by 36% during previous year as per data from Insurance Association of Turkey.

Walnut Holding holds the shares on behalf of Abraaj while the remaining 50% is owned by a Turkish businessman.

Non life insurance market in turkey has grown at a rapid pace by 18% during 2012 and has been the centre of attraction for various international investors like AXA SA (EPA:CS), Zurich Insurance Group Ltd (VTX:ZURN), Cigna and MetLife Inc (NYSE:MET). Acibadem’s share of non life insurance business was around 1.4% in 2012 compared to 1.2% in 2011.

Aetna Inc (NYSE:AET) is up by 0.66% closing at $47.50

Cigna Corp (NYSE:CI) is down by 0.34% closing at $58.26

AXA SA (EPA:CS) is down by 0.49% closing at EUR13.07

MetLife Inc (NYSE:MET) is down by 0.34% closing at $35.32

Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email ([email protected]) or his Google+ page (

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