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BREAKING NEWS

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

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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)

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