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CVC selling Asian funeral business Nirvana, seeks as much as $2 billion -sources

Thursday, September 15, 2022
CVC selling Asian funeral business Nirvana, seeks as much as $2 billion -sources © Reuters. FILE PHOTO: A salesperson talks to potential customers at the columbarium section of Nirvana Memorial Park in Shah Alam outside Kuala Lumpur on September 5, 2010. REUTERS/Bazuki Muhammad/File Photo
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By Yantoultra Ngui and Kane Wu

SINGAPORE/HONG KONG (Reuters) -Private equity firm CVC Capital Partners is selling Malaysian funeral services provider Nirvana Asia Ltd in a deal that could fetch up to $2 billion, three people with knowledge of the matter told Reuters.

The sale process, which is being run by Morgan Stanley (NYSE:MS), has entered its second round of bids, two of the people said.

Suitors in the second round are mostly strategic buyers based outside Asia, said one of the people and a separate person with knowledge of the deal.

An infrastructure fund is also in the mix, said one of the people.

Binding bids are due in a few weeks, said a fifth source. All sources declined to be identified as the information was confidential.

Nirvana did not immediately respond to requests for comment. CVC, Morgan Stanley and Nirvana's founder David Kong declined to comment.

Betting on increased demand for luxury funerals in the region, CVC bought the business for $1.1 billion in 2016. CVC attempted to sell it two years later but talks with a number of companies and private equity funds at the time fell through, people with knowledge of the earlier sale plan have said.

Founded in 1990, Nirvana provides funeral, burial and cremation services for humans and pets. It also has a presence in Singapore, Thailand and Indonesia, according to its website.

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29-09-2022 06:26:04 (UTC+7)

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    EUR/USD 0.9716 ↑ Sell  
    GBP/USD 1.0844 ↑ Sell  
    USD/JPY 144.40 ↑ Buy  
    AUD/USD 0.6507 ↑ Sell  
    USD/CAD 1.3626 ↑ Buy  
    EUR/JPY 140.31 ↑ Buy  
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    Gold 1,665.85 ↑ Sell  
    Silver 18.863 ↑ Sell  
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    Crude Oil WTI 81.75 ↑ Sell  
    Brent Oil 87.98 ↑ Buy  
    Natural Gas 6.989 ↑ Sell  
    US Coffee C 227.80 ↑ Sell  
    Euro Stoxx 50 3,335.30 Neutral  
    S&P 500 3,719.04 ↑ Sell  
    DAX 12,183.28 Neutral  
    FTSE 100 7,005.39 Neutral  
    Hang Seng 17,250.88 Buy  
    Small Cap 2000 1,725.13 ↑ Buy  
    IBEX 35 7,442.20 Neutral  
    BASF 39.415 ↑ Buy  
    Bayer 48.19 Neutral  
    Allianz 160.72 ↑ Buy  
    Adidas 130.24 ↑ Buy  
    Lufthansa 5.772 ↑ Buy  
    Siemens AG 99.46 ↑ Buy  
    Deutsche Bank AG 7.854 ↑ Sell  
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