King & Spalding LLP represented Cerberus Frontier (Cerberus), an affiliate of Cerberus Capital Management L.P., on its first transaction in the Middle East, through a co-investment with Olive Rock Partners (a UAE based private equity firm) (Olive Rock). As part of the transaction, Cerberus and Olive Rock (the Consortium) acquired a minority stake in United Eastern Medical Services (UEMS), a healthcare group with operations in the United Arab Emirates (UAE) and Saudi Arabia. Shortly after this transaction, Mubadala Development Company PJSC announced that it also acquired an equity interest in UEMS.
The transaction required us to advise Cerberus on structuring its investment, its shareholders’ arrangement with Olive Rock and overseeing the acquisition by the Consortium into UEMS, together with various other deal related matters.
UEMS has 21 hospitals and healthcare centers through its network across the UAE and Saudi Arabia. It operates Danat Al Emarat Hospital, a specialist women's and children's hospital in Abu Dhabi, as well as Health Plus fertility center and Moorfields Eye Hospital Centre (Abu Dhabi) – a joint venture with London-based Moorfields Eye Hospital NHS Foundation Trust.
Cerberus Frontier is an investment platform investing in emerging and frontier markets across Asia, Africa and the Middle East. It is headquartered in Singapore, with a regional hub in Dubai and established operations in Ethiopia, Mongolia and Georgia along with on-the-ground resources in many of its other core markets. It has completed more than 30 transactions and currently manages a portfolio in a variety of key sectors, including Consumer Goods, Healthcare, and Building Materials.