11 July 2016
Clifford Chance advises CVC on privatisation offer for Nirvana Asia
Leading international law firm Clifford Chance is advising CVC on its US$1.1 billion privatisation of Hong Kong listed Nirvana Asia Ltd (Nirvana) by way of a scheme of arrangement. The cash offer of HK$3.00 share, represents a 37.6% premium to the 30 day average closing price of Nirvana shares prior to the offer. 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 transaction is conditional on amongst other things Nirvana shareholder approval.
Corporate partner Andrew Whan commented, "We are delighted to be assisting CVC on another of its investments in the Asian market. This will be the second Hong Kong privatisation we have been fortunate to have advised CVC on."
Andrew co-led the deal with partner Neeraj Budhwani. They were supported by senior associate Gwenlynne Lee, associate Wendy Kam and trainee Michelle Kwok. Partner Matthew Truman led the finance-work stream together with counsel Alastair Gourlay, senior associate Clare Marrinan and associates Charlotte Leung and Stephen Hui. Both teams were assisted by colleagues in Clifford Chance's offices in Bangkok, the PRC and Singapore, and Clifford Chance's associated office in Jakarta, Linda Widyati and Partners.
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.