New Frontier (NFC) Shareholders Approve Business Combination

This morning, New Frontier Corp. (NFC), announced that shareholders have approved their business combination with United Family Healthcare to form New Frontier Health Corporation (“NFH”). Approximately 96.4% of the shares voted were voted in favor of the business combination, representing 89.4% of all outstanding shares of NFC.

A detailed 8-K with results has not yet been provided, but should be forthcoming in the next day or so.  Possibly even tonight after the market close. In the meantime, we get to add New Frontier to the list of “completed SPACs” with NFC being the 25th closed combination for 2019 year-to-date.

The NFC business combination is expected to close on or about December 17, 2019, subject to the satisfaction of certain closing conditions. In connection with the closing, NFC will change its name to New Frontier Health Corporation and its ordinary shares and warrants will continue be listed on the New York Stock Exchange under the new ticker symbols “NFH” and “NFH WS,” respectively.

An update will be provided with additional vote details as they are released.

UPDATE:  An 8-K was recently filed, but only vote counts were included.  You can review the results of the proposal HERE and when redemption information is released, a further update will be provided.

ADVISORS

• Credit Suisse and UBS AG are serving as capital markets advisors to NFC
• Winston & Strawn LLP, Simpson Thacher & Bartlett LLP, Kirkland & Ellis LLP, and Global Law Office are acting as legal advisors to NFC.
• Cleary Gottlieb Steen & Hamilton LLP and Fangda Partners are acting as legal advisors to TPG
• Paul Hastings is acting as legal advisor to Fosun Pharma
• Hughes Hubbard & Reed LLP is acting as legal advisor to Roberta Lipso