HONG KONG May 21 CVC Capital Partners Ltd
has agreed to acquire a majority stake in Hong
Kong-based serviced office provider The Executive Centre Ltd
from Headland Capital Partners.
London-based CVC did not disclose the deal's value.
Executive Centre generates more than $100 million in revenues
from operations in 10 Asian countries.
The investment will be CVC's first from its new $3.5 billion
Asia fund, which closed this week.
Headland Capital, a former Asia private equity unit of HSBC
that was spun out of the bank in 2010, specialises in deals
where it buys majority stakes.
HSBC Holdings Plc and Babson Capital provided
financing to back CVC's acquisition of the stake in Executive
(Reporting by Stephen Aldred; Editing by Matt Driskill)