Today's Edition
ABU DHABI(ALETIHAD)
A consortium led by Brookfield Asset Management has agreed to invest in Dubai-based international education provider GEMS Education, the companies said in a joint statement.
They did not specify the size of the investment, but said private equity firm CVC Capital partners will exit its stake in GEMS as part of the deal, five years after it acquired a 30% holding in the company. The transaction is expected to be completed in the third quarter of 2024, subject to conditions, the statement said.
Other investors in the consortium include Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of the Republic of Azerbaijan (SOFAZ).
GEMS also said it secured financing from a consortium of UAE banks to fund the repayment of its existing financial arrangements.
GEMS has grown from a single school, following the arrival of the founding family as teachers in Dubai in 1959, to become one of the world’s largest providers of private K-12 education, educating 140,000 students.
The company offers various international school curricula across multiple price points, with adjacent services including school transportation and after-school activities.
Sunny Varkey, Founder, GEMS, said: “GEMS has experienced significant growth over our 65-year history and has become one of the world’s most respected education companies. As a long-term, operationally focused investor, Brookfield’s partnership with the family and the GEMS community demonstrates the breadth of the business, the quality of the education, and the critical infrastructure that we deliver for the UAE.”
Jad Ellawn, Managing Partner and Regional Head, Middle East, Brookfield, said: “The investment in GEMS marks a milestone for Brookfield and our private equity business in the Middle East, underscoring our commitment to investing in this high-growth region and the strength of our local partnerships.”
