UAE's Gulf Capital buys stake in Turkish tech firm

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(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Abu Dhabi-based private equity firm Gulf Capital said on Wednesday that its portfolio company, Techno Group Investment Holdings, bought a 75 percent stake in a Turkish provider of outsourced diagnostic imaging services.

Techno Group bought the stake in Turkish firm Dogu Tip, Gulf Capital said, without revealing the financial details of the acquisition.

Dogu Tip will be merged with Techno Group, which already operates 34 diagnostic imaging centres in Egypt, Jordan and the Gulf region, the statement added.

Healthcare-related private equity activity in Turkey has seen increased activity in recent years as the fast-growing economy's growing population of about 75 million people provides growth opportunities for companies offering such services.

The country also passed new regulations in February aimed at making private investment in its healthcare sector easier, a move which officials hope could unlock billions of dollars of investment over the next few years.

Gulf Capital, which manages close to $2bn in assets currently, plans to double its assets under management by 2018, its chief executive said earlier this month.

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