Abraaj Is in Talks to Buy Stake in Turkey Drugmaker SanovelBy
Abraaj Group Ltd., the private-equity firm focused on emerging markets, is in talks to buy a stake in Turkish drugmaker Sanovel Ilac Sanayi & Ticaret AS, according to two people with knowledge of the matter.
Abraaj is considering a minority holding in the Istanbul-based producer of anti-inflammatory, anti-asthmatic and antibiotic medication, said the people, who asked not to be identified because the plan isn’t public. Talks are at a preliminary stage and may not result in a deal, they said.
Sanovel, owned by Turkish businessmen Ahmet Toksoz and Zafer Toksoz, is among the top 10 producers of generic drugs as measured by sales in the country, according to the company’s website.
Abraaj, which manages $13.6 billion of assets, invests in Turkey via a $536 million fund dedicated to assets in the country. The Dubai-based firm earlier this year purchased 21 percent of logistics company Netlog Lojistik Hizmetleri AS. This month, it took a minority stake in online travel agent Biletall.com. Abraaj is buying the master franchise of KFC’s regional operations from Yum! Brands Inc., according to a Nov. 16 report in Dunya newspaper.
Abraaj declined to comment. Zafer Toksoz, the deputy chairman of Sanovel, didn’t respond to calls and a text message seeking comment.