GEM International School/Dubai Media Office
In July 2019, a consortium led by private equity firm CVC Capital Partners agreed to acquire a 30 per cent stake from Mumtalakat, Fajr Capital and Blackstone in GEMS Education.
Monday 05, August 2019 BY KUDAKWASHE MUZORIWA
A consortium of investors led by Fajr Capital, including tactical opportunities funds managed by ‘Blackstone’ and Bahrain Mumtalakat Holding Company have completed their divestment from GEMS Education to a consortium led by CVC Capital Partners, according to Bahrain News Agency.
Dino Varkey, the CEO of GEMS Education, said, “The completion of the Fajr Capital, Blackstone and Mumtalakat investor group’s exit from GEMS Education to a consortium led by CVC Capital Partners marks another chapter in the evolution of our company.’
Fajr Capital, Blackstone and Mumtalakat were advised by Rothschild & Co together with Morgan Stanley, Credit Suisse and Gibson, Dunn & Crutcher.
GEMS Education stated that with the CVC Capital-led deal, the academic group will take on a further 14 private schools in Europe through the acquisition of Britain's Bellevue Education.
Additionally, Malaysian sovereign fund, Khazanah Nasional will retain a three per cent stake while the Varkey family will remain the largest shareholder in GEMS once the deal is completed.