KKR and TIGA Investments have agreed to buy The Executive Centre (TEC), a provider of premium flexible office space solutions in Asia-Pacific and the Middle East.
TEC pulled a sale process, reportedly seeking up to US$750m (€) for the business, in September 2019 because offers then not up to its expectation at a time when Hong Kong was experiencing political unrest in Hong Kong.
HPEF Capital Partners, formerly HSBC Private Equity, is thought to own 70% of the company, while Luxembourg-based CVC Partners a further 20% with management holding the remaining 10%.
As part of the transaction, funds advised by HPEF and CVC Capital will exit their investments in TEC. Members of TEC’s management team will continue to own shares in the company.
