Private equity firm CVC Capital Partners is planning to sell Asia’s largest funeral services provider, Nirvana Asia Ltd, in a deal that could be worth $1.5 billion to $2 billion, the Wall Street Journal reported on Wednesday, citing sources.
CVC bought Kuala Lumpur, Malaysia-based Nirvana for $1.1 billion in 2016, betting on increased demand for luxury funerals in the region. reut.rs/2Bta25x
A deal will signal a quick exit for London-based CVC, though private-equity investments typically last about five years, according to the report on.wsj.com/2BpJSAC.
Nirvana provides burial plots, niches and tomb design and construction services in South-east Asian markets including Malaysia, Thailand, Singapore and Indonesia, according to its website.
CVC and Nirvana were not immediately available for comment.