A team of investors led by Brookfield Asset Management is joining forces with GEMS Education, a Dubai-based education giant. The companies announced the partnership in a joint statement on Tuesday, though the specific investment amount remains under wraps.
This deal marks a significant shift for GEMS. Private equity firm CVC Capital Partners, which acquired a 30% stake in GEMS five years ago, will be significantly reducing its involvement. The finalization of the partnership hinges on meeting certain conditions, with a target completion date in Q3 of 2024.
Brookfield isn’t going it alone. Joining them in this venture are Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of the Republic of Azerbaijan (SOFAZ). To smooth the financial transition, GEMS has also secured funding from a group of UAE banks to settle its existing debts.
GEMS Education boasts a remarkable journey. Founded as a single school in 1959, it has blossomed into a major educational force, currently educating a staggering 140,000 students. Their reach extends beyond Dubai’s borders as well. In 2019, a GEMS joint venture in Saudi Arabia acquired Ma’arif, the country’s leading education company.
