Conyers has provided Cayman Islands legal advice to existing client Lexasure Financial Group Limited (Lexasure) on its proposed business combination with Nasdaq listed special purpose acquisition company Capitalworks Emerging Markets Acquisition Corp (CEMAC).
Lexasure is a leading Southeast and South Asia fintech, insurance, and financial services group which provides insurance and reinsurance for all lines of life and non-life, insurance services and digital insurance solutions. CEMAC was listed on Nasdaq in December 2021 with the goal of identifying a prospective target business with high growth and cross-border operations in middle-income emerging markets, with the ability to replicate its business model sustainably across other emerging markets.
The transaction, which is still subject to the satisfaction or waiver of a number of conditions, will reflect a pre-money equity value of $250 million for Lexasure with CEMAC currently having approximately $234.6 million in trust.
Partner Derek Stenson, Counsel Alex Davies and Associate Philippa Gilkes of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the proposed merger working alongside Nelson Mullins Riley & Scarborough LLP as US legal advisor to Lexasure.
Further details of the transaction are available on Global Newswire here.