ZURICH (Reuters) – The investment firm for Switzerland’s wealthy Jacobs family has agreed to acquire global private schools group Cognita from Bregal Investments and KKR <KKR.N>, the partners said on Monday, without giving financial terms.
Sky News had reported last week the deal was worth 2 billion pounds.
Cognita operates more than 70 schools in eight countries, including Britain, Singapore, Chile and Brazil, educating more than 40,000 children, a joint statement said.
Cognita was formed in 2004 by private equity firm Bregal and the late Chris Woodhead, the former chief inspector of schools in England. KKR took a 50 percent stake in 2013.
The transaction was set to complete in the fourth quarter of 2018 subject to regulatory approvals.
Goldman Sachs International <GS.N> and Barclays [BARCR.UL]advised Bregal Investments and KKR, while Bank of America Merrill Lynch <BAC.N> advised Jacobs Holding, the investment firm founded in 1994 by entrepreneur Klaus Jacobs.
Jacobs Holding’s beneficiary is the charitable Jacobs Foundation, a charity focussed on child development and learning.
The Jacobs family controls Barry Callebaut <BARN.S>, which Klaus Jacobs also founded. Zurich-based Barry is the world’s biggest cocoa manufacturer and produces chocolate for Nestle <NESN.VX> and Mondelez <MDLZ.O>, among others.
(Reporting by Michael Shields, editing by Louise Heavens)