CVC has announced the completion of the US$1.1 billion privatisation of Nirvana Asia Ltd by way of scheme of arrangement. The scheme was approved following a vote in favour of the offer from investors holding over 99% of the Company’s shares on 28 September. The scheme was subsequently sanctioned by the Cayman Islands Grand Court on 30 September.
Nirvana, is the largest integrated funeral and bereavement care provider in Asia. The company has operations in six countries across Asia, including Malaysia, Singapore and Indonesia and employs over 700 staff across the region. CVC is headquartered in London and manages capital on behalf of over 300 institutional, governmental and private investors worldwide.
Tan Sri David Kong, the Founder of Nirvana, and CVC are now the two largest shareholders in the Company. The Founder will continue in his role as CEO and lead the existing management team of Nirvana.
Mourant Ozannes Hong Kong Managing Partner, Paul Christopher, said:
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The Mourant Ozannes team was led by Hong Kong Managing Partner Paul Christopher, assisted by Partners Shaun Folpp and Simon Lawrenson, Counsel Claire Fulton, Senior Associate Hannah Crews, Associate Jessica Lee and Legal Assistant Tracey Forbes. CVC was also advised by Clifford Chance.
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