ABUDHABI (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 <BX.N> 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)