Sunny Varkey is the founder and executive chairman of the GEMS Education Group – the largest operator of private kindergarten to grade 12 schools, the world over.
An entrepreneur in the education industry, Kerala-born Varkey has been in the UAE for over six decades and owns a network of over 80 schools worldwide.
Before taking on the role of GEMS Group’s founder and executive chairman, Varkey was previously employed with Standard Chartered Bank, a small trading company and maintenance company as well as, work in the hotel and healthcare industry.
The 65-year-old has partnered with notable entities such as the World Economic Forum, Microsoft, United Nations Educational, Scientific and Cultural Organisation (UNESCO) and the Clinton Global Initiative.
Over the years, Sunny Varkey has been widely recognised. The UAE Ministry of Education bestowed an award of distinction for his service and contribution to the nation.
He has also been honoured with India’s Padmashri Award, which is one of the highest civilian honours, and the Rajiv Gandhi Award for Eminent Educationist in 2008.
In 2012, he was also named UNESCO Goodwill Ambassador for Education Partnerships.
Today, the education mogul holds a net worth of $1.7 billion, according to Forbes.
Recently, Arabian Business reported that Sunny Varkey and private equity firm CVC Capital Partners are both looking to sell their stakes in the education giant, which could be valued as high at $6 billion, according to Bloomberg.
Large financial sponsors and Middle Eastern sovereign wealth funds are currently looking into the business, the owners are working with Morgan Stanley and Goldman Sachs Group Inc., according to the source.
The owners are looking into offering an IPO as a potential option for sale. Reportedly, deliberations are still in progress and there is still no confirmation that CVC Capital or Varkey, will proceed with the sales.
But who are the most likely buyers?
Arabian Business reported Bright Horizons, TAL Education, New Oriental Education and Technology, Warren Buffet and Byju’s are looking into buying the GEMS stakes.
As potential buyers circle around the UAE’s biggest schools operator GEMS Education, experts are warning that the rules over school fee caps will need urgent clarification – or GEMS pupils could also face fee rises.
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