S&C Advises Nirvana Asia Ltd. in $1.1 Billion Privatization

October 5, 2016

S&C advised Nirvana Asia Ltd, a Hong Kong listed company, on its $1.1 billion privatization by CVC Capital Partners by way of a scheme of arrangement under section 86 of the Cayman Islands Companies Law. The privatization proposal was first announced on July 8 after CVC and Nirvana entered into an implementation agreement. A court meeting was held on September 28 and the scheme was approved by a majority in number of Nirvana's shareholders representing 99.5 percent in value of the shares being voted in the meeting. The scheme was subsequently sanctioned by the Cayman Islands Grand Court on September 30.
Following the privatization, Nirvana withdrew its listing on the Stock Exchange of Hong Kong and became a 100 percent private-owned subsidiary of North Memorial Sdn. Bhd., a Malaysian special purpose vehicle established by CVC. Tan Sri Kong, the founder of Nirvana, and CVC become the two largest shareholders controlling approximately 38 percent and 43 percent of Nirvana respectively.
Nirvana, along with its subsidiaries, is one of Asia's largest integrated funeral and bereavement care services, which include funeral services packages, burial plots, niches and tomb design and construction services.
The S&C team is led by Mr. Ng and Ms. Wong.