Stephenson Harwood, Khaitan & Co and Hourani and Partners have advised on the divestment of Indian multinational beauty teatment provider Kaya’s Middle East business to Humania GCC Holding for an undisclosed sum.
Khaitan & Co advised Kaya on aspects of Indian law, while Hourani and Partners acted for Humania GCC. Ernst & Young’s banking arm worked as the financial adviser to Kaya.
“I am pleased that the team and I were able to assist Kaya on such a strategic mandate closely aligned to their business objectives,” said Diwakar Agarwal, Dubai-based corporate and commercial partner at Stephenson Harwood, who led the team advising the multinational provider of skin, hair and body treatments on international legal issues.
“The transaction was a complex cross-border M&A matter, which demonstrates the firm’s ability to act as international counsel across multiple jurisdictions within the MENA market, as well as successfully leveraging our in-depth life sciences and healthcare industry knowledge.”
Stephenson Harwood managing associate Philippa English, associate Hajer El Moumni and paralegal Jeevni Sharma assisted Agarwal.
Founded in 2003, Kaya is a publicly listed company with operations across India, and has the largest international chain of skin care clinics in the Middle East. Kaya has a presence across nine cities in the UAE, Saudi Arabia and Oman.
Due to adverse economic conditions, global conflicts and continuous losses, the company reviewed its Middle East business and concluded that it was not viable to continue.
Humania is an investment platform focused on healthcare opportunities in the Middle East and emerging markets.
