Brookfield-Led Group Buys Stake in Dubai School Operator GEMS Education - Bloomberg
A consortium led by Brookfield Asset Management Ltd. is investing in GEMS Education, a Dubai-based family business founded by Indian immigrants who turned a single school into one of the world’s largest private education providers.
Financial details weren’t disclosed, but Bloomberg News has previously reported that the Canadian firm was looking to invest about $2 billion. That would make the transaction one of the largest private equity deals in a closely held business in the Gulf.
The company’s existing minority shareholders, including the Malaysian sovereign wealth fund Khazanah Nasional Bhd., will exit as part of this transaction. The move will also allow CVC Capital Partners to exit a majority of its GEMS stake, five years after it bought into the firm in a deal that marked its first private equity foray in the Gulf.
CVC remains “fully committed to investing further in this attractive region,” Ozgur Onder, head of the company’s Middle East operations, said in a statement.
Besides Brookfield, other investors include Dubai-based Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan, according to a statement. The deal is expected to close in the third quarter, subject to conditions.
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