Conyers has provided Cayman Islands legal advice to Murano PV, S.A. DE C.V. (“Murano”), a Mexican mixed-use development company, on its proposed business combination with Nasdaq listed HCM Acquisition Corp (“HCM”), a Cayman Islands blank-cheque company.
Murano develops properties in North and Central America and boasts a portfolio which includes marinas, hotels, condominiums and apartment complexes.
Under the terms of the proposed merger, which is expected to close in Q3 2023, the shareholders of Murano and HCM will exchange their current shares for shares in a new combined company to be listed on the Nasdaq stock market under a new ticker symbol.
The transaction, which is still subject to the satisfaction or waiver of a number of conditions, will reflect a pro forma enterprise value of US$810 million.
Partner Nicholas Pattman, Counsel Alex Davies and Associates Matthew Harkness and Rebecca Peck advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside Clifford Chance US LLP as US counsel and Nader, Hayaux & Goebel as Mexican counsel.
Further details of the transaction are available here.