CVC Capital Partners ("CVC") announced today its participation in the launch of a US$1.1 billion privatisation of Nirvana Asia Ltd ("Nirvana" or the "Company") via a Scheme of Arrangement. Following the proposed transaction, Tan Sri Kong, the Founder of Nirvana, and CVC will be the two largest shareholders in Nirvana. The Founder will continue in his role as CEO and lead the existing management team of Nirvana.
The cash offer is HK$3.00 share, representing a 37.6% premium to the 30 day average closing price of Nirvana shares prior to the offer.
Nirvana is the largest integrated funeral and bereavement care provider in Asia, providing premium quality burial plots, niches and tomb design and construction services, as well as high quality and reliable funeral services. The Company has operations in six countries across Asia, including Malaysia, Singapore and Indonesia and employs over 700 staff across the region.
At HK$3.00 per share, the offer is made at a substantial premium to all relevant benchmarks:
- 37.0% Premium to the Undisturbed Price
- 37.6% Premium to 30 trading days prior to Undisturbed Date
- 37.0% Premium to 60 trading days prior to Undisturbed Date
CVC is advised by J.P. Morgan and Clifford Chance. Nirvana is advised by UBS and Sullivan and Cromwell. Fully committed debt financing is being provided by CIMB.