'Fortis Health pulls out of Acibadem buy'

The stake is being sold by Almond Holding AS, a vehicle owned jointly by Dubai-based private equity firm Abraaj Capital and Turkey's Aydinlar family.

Fortis backed out due to valuation concerns and political unrest in the Middle East, the source said, declining to be identified as the matter was not public yet.

Abraaj has a 46-percent stake in Almond Holding, which controls 92 percent of Acibadem.

Acibadem, which has a market value of $1.2 billion, said last month it was in preliminary talks with investors including India's Fortis Healthcare.

We cannot comment on specific interests or approaches, but given significant interest in this unique asset, only the best offers from credible parties with financing in place are being considered in the process, an Abraaj source said.

Abraaj is the largest Middle East private equity firm with assets under management of $6.2 billion.

Brothers Malvinder and Shivinder Singh also control Mumbai-listed hospital chain Fortis Healthcare , which on Monday said it would buy out Fortis Healthcare International.

Fortis group chairman Malvinder Singh declined to comment on the Turkish sale.

Bank of America-Merrill Lynch and Goldman Sachs are advising Abraaj on the deal.

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