Transition to QR Codes with GS1 standards to revolutionise the consumer experience
business3 days ago
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 on Tuesday.
They did not specify the size of the investment, but said private equity firm CVC Capital partners will substantially exit its stake in GEMS as part of the deal, five years after it acquired a 30 per cent holding in the company.
The transaction is expected to be completed in the third quarter of 2024, subject to conditions.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
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.
A family business, GEMS Education grew from a single school in 1959 to now educating 140,000 students.
In 2019, GEMS' joint venture in Saudi Arabia acquired Ma'arif, the kingdom's largest education company.
ALSO READ:
Transition to QR Codes with GS1 standards to revolutionise the consumer experience
business3 days ago
Annual exercise is integral to banks’ capital planning
business5 days ago
The UAE is the first market in the HSBC global network to launch WorldTrader
business5 days ago
The diversified group has a strong presence in the UAE
business5 days ago
Fourth Edition of EDB Connect Forum fosters strategic partnerships
business5 days ago
Partnership aims to create a thriving community of innovative entrepreneurs
business5 days ago
Agreement calls for robust cooperation across a broad spectrum of duties
business5 days ago
UAE and GCC present fertile ground for the adoption of immersive technologies
business5 days ago