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Brookfield eyes UAE education expansion: Canadian asset manager Brookfield is in talks to invest some USD 2 bn investment in Dubai-based private school operator GEMS Education, Bloomberg reports, citing people familiar with the matter.The investment will be used to expand GEMS Education’s portfolio by allowing the education provider to undertake new acquisitions.
This could be CVC’s cue to the exit: The potential transaction could see majority shareholder buyout firm CVC Capital Partners exit its 30% stake in GEMS Education, according to Bloomberg. CVC had bought the stake in 2019 from a Fajr Capital-led consortium, with the acquisition valued at over USD 1 bn.
Nothing is set in stone yet: Talks are still in early stages, with other investors expected to bid for the stake, the sources said.
GEMS has been seeking new partners for a while now: Gems Education has been considering inviting investors to bid over CVC’s stake or going public after talks with wealth fund ADQ and state-backed real estate developer Aldar to buy a stake valued at USD 6 bn fell through.
Brookfield is no stranger to UAE: Brookfield’s footprint in the UAE extends from real estate with its USD 1 bn ICD Brookfield Place, Dubai’s largest office tower, to a 60% stake in Magnati, FAB’s payments processing firm. The investor also partnered with the government to launch the USD 30 bn climate fund, Alterra, at COP28, and acquired Dubai-based credit card processor Network International for EUR 2.2 bn (c. USD 2.76 bn) last year.
More investments to come from Brookfield: The Toronto-based investment firm is reportedly seeking to “raise dedicated money” to expand its investments in the GCC region, Bloomberg reported in October.
Advisors: Dubai-based advisory firm deNovo Partners is acting as GEMS founder Sunny Varkay’s advisor on the potential stake sale.
OTHER INVESTMENT NEWS-
Kitchen equipment firm plans AED 100 mn expansion: Sharjah-based food serviceequipment solutions company Paramount is looking to invest AED 100 mn to expand its storage and manufacturing facilities and establish a new HQ in Sharjah’s Industrial Area 12, Albayan reports.
Details of the expansion: The company plans to expand its storage and manufacturing facilities to over 23k sqm, up from 14k. It will also set up a new distribution center and manufacturing facility in the Birkat Al Awamer municipality in Qatar, with plans to open it in the coming months. The expansion also includes new retail outlets in Kochi, Bahrain, Riyadh, and Ras Al Khaimah.
