The owners of one of the largest private school operators, GEMS Education, are considering options that include the sale of ownership stake in the business.
CVC Capital and Sunny Varkey may sell their stakes in a deal that could value the school chain at as much as $6 billion, unnamed sources told 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.
GEMS is one of the oldest educational institutional operators in the region for over 60 years. The group operates more than 60 schools across North Africa and the Middle East, with a student body of over 130,000. The group is also present with educational institutes in Asia, Europe and North America.
CVC Capital bought a stake in GEMS Education in 2019, prior to which the entirety was owned by Sunny Varkey.
Follow us on
