July 10, 2019 / 11:38 AM / 8 days ago

CVC-led consortium to acquire 30% stake in Dubai's GEMS Education

ABU DHABI, July 10 (Reuters) - A consortium led by private equity firm CVC Capital Partners has agreed to acquire a 30% stake from existing shareholders in Dubai-based GEMS Education.

The deal will see the exit by a consortium led by Fajr Capital Ltd including Tactical Opportunities funds managed by Blackstone Group and Bahrain’s Mumtalakat Holding Co, a statement from GEMS said on Wednesday. It did not disclose the value of the deal. GEMS has also launched a refinancing plan that includes loans and bonds, the statement said, adding that the transactions are expected to close by end of July.

Malaysian sovereign fund Khazanah Nasional Berhad will retain a 3% stake, the statement said. (Reporting By Stanley Carvalho; Editing by Saeed Azhar)

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