Stephenson Harwood advises KIMSHEALTH on True North exit and Shari’ah-compliant financing
Law firm Stephenson Harwood LLP has advised long-standing client, KIMS Holding Company B.S.C.(c) (‘KIMSHEALTH‘), one of the Middle East’s leading multi-specialty hospital networks, on the buyout of private equity investor True North Co. The firm also advised on the structuring of a Shari’ah-compliant financing to fund the transaction.
Corporate
Stephenson Harwood’s Corporate team advised on the vendor due diligence exercise, overseeing all aspects across multiple jurisdictions, and on the buyback agreement with True North. The firm coordinated with local counsel and prepared detailed reports for more than 20 legal entities spanning Bahrain, Saudi Arabia, Oman, Qatar, the UAE, and the British Virgin Islands.
Debt finance
The firm’s banking and finance team advised KIMSHEALTH on the Shari’ah-compliant Murabaha facility to fund the management buyout, backed by Janus Henderson Investors through its MENA Private Credit Fund IV. The facility was structured to accommodate a complex group reorganisation spanning multiple jurisdictions, including the BVI, Bahrain and Saudi Arabia, and required bespoke Islamic finance documentation addressing security and guarantee arrangements across the group’s operating entities. The finance team navigated structuring considerations to align the Shari’ah-compliant financing with the commercial objectives of the buyout, to deliver a fully integrated financing solution alongside the corporate workstream.
“This mandate is a clear demonstration of our ability to manage complex, multi-jurisdictional projects and deliver precise, commercially focused legal advice across the region. We are honoured to have worked alongside KIMSHEALTH’s team on a transaction of this scale and to have been involved in every significant aspect of their journey since 2011.”
— Diwakar Agarwal, Corporate Partner
“Financing KIMSHEALTH’s management buyout required careful structuring to deliver a Shari’ah-compliant solution that worked across multiple jurisdictions and addressed the group’s complex corporate structure. This transaction reflects the strength of our Islamic finance practice and the depth of our capability in the GCC private credit market.”
— Rustum Shah, Partner and Head of Islamic Finance
“This is a defining moment for KIMSHEALTH GCC. It reflects our confidence in the Group’s leadership, clinical strength, and values-driven culture. With the continued support of Janus Henderson, we are well positioned to pursue sustainable growth, strengthen our regional footprint, and continue delivering high-quality, accessible healthcare to the communities we serve. We also wish to express our sincere appreciation to Diwakar Agarwal and Rustam Shah and the team at Stephenson Harwood for their invaluable support and guidance throughout this process, which were instrumental in achieving the successful closure of the transaction.”
— Dr. M.I. Sahadulla, Chairman & Managing Director at KIMSHEALTH
Partner Diwakar Agarwal led Stephenson Harwood’s Corporate team, with support from Partner Toufic Safie and Associates Suditi Surana and Renee Freeman. The Banking & Finance team was led by Partner Rustum Shah, assisted by Managing Associate Murtaza Hussain and Associate Punte-â Hosseini.
