GEMS Education picks banks for $5bln London IPO- sources | ZAWYA MENA Edition

GEMS Education picks banks for $5bln London IPO- sources | ZAWYA MENA Edition:

"GEMS Education's owners have chosen JP Morgan , Credit Suisse , Bank of America Merrill Lynch and Morgan Stanley to lead the private schools group's planned flotation, sources familiar with the matter said. GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion, the sources said, in a London initial public offering (IPO) which is expected to take place in 2018. Backed by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and investment firm Blackstone , GEMs said on Monday it had secured a $1.25 billion loan to refinance existing borrowings and support growth. "



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