The Australian head of CVC Capital Partners has resigned, as the private equity firm faces losses of up to $1.8 billion from its debt-funded acquisition of television network Nine Entertainment Co Pty Ltd.
The loss would be the biggest ever for a single buyout deal in Asia and the departure of Adrian MacKenzie, a key player in the A$5.3 billion ($5.6 billion) purchase of Nine, comes amid talks that could see Nine fall into the hands of its lenders and wipe out CVC's equity.
The news also comes as sources identified Singapore sovereign wealth fund GIC and Kuwait Investment Authority (KIA) as being among investors that have taken a combined 10 percent stake in CVC, one of the world's largest private equity groups. Full story
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CVC Australia boss quits as firm wrestles Nine debt - Reuters India
