Carnival Group International Holdings Limited (SEHK:996) entered into an agreement to acquire 99.9% stake in Nice Race Management Limited from Apax Europe VI and Apax Europe VII, funds of Apax Partners LLP and another seller for approximately HKD 250 million on June 6, 2015. Under the terms of the agreement, Carnival Group will pay HKD 12.67 million to seller holing 5% stake and pay HKD 240.74 million through issuance of bonds in favor of Apax on the completion date. The BFT consideration shall be funded by the issuance of the bonds by Carnival Group and the cash portion will be funded by internal resources. Nice Race Management had net liabilities of CNY 443.75 million (HKD 559.42 million), turnover of CNY 714.32 million (HKD 900.51 million), loss before taxation of CNY 207.89 million (HKD 262.08 million and loss after tax of CNY 210.27 million (HKD 265.08 million) and total assets of HKD 480 million for the year ending December 31, 2014. The transaction is approved by the shareholders of Carnival Group and is subject to stock exchange approval as per listing rules. Ernst & Young Hong Kong acted as accountant and Qilu acted as financial advisor to Carnival Group International. Shaolin Luo and Celia Lam of Simpson Thacher & Bartlett LLP acted as legal advisor for Apax partners. Christina Lee of Baker & McKenzie acted as legal advisor for Carnival Group International Holdings. The conversion is made from www.oanda.com as on December 31, 2014.

Carnival Group International Holdings Limited (SEHK:996) completed the acquisition of 99.9% stake in Nice Race Management Limited from Apax Europe VI and Apax Europe VII, funds of Apax Partners LLP and another seller on August 4, 2015.