Blackstone Group and Fajr Capital are close to a deal to acquire a minority stake in Dubai-based Gems Education, the world’s biggest closely held schools operator, three people with knowledge of the matter said.
New York-based Blackstone is investing in Gems through its special-situations arm, the people said, asking not to be identified as the information is private. A formal agreement to buy 20 percent of the company may be reached in the next couple of weeks, two of the people said. The deal may value the stake at about US$350 million, they said.
Gems, which ioperates more than 100 schools across 14 countries, may sell as much as 25 per cent of the company to raise up to $500m, the Gems chief operating officer, Dino Varkey, said last year. The company had hired Credit Suisse Group to help manage the sale, Mr Varkey said.
Gems reported attributable profit of $74.4m for the year ended March 31, in a statement to the Dubai stock exchange in July.
A deal for Gems would be the first investment for Blackstone in the Middle East. Private-equity firms are stepping up acquisitions in the region as markets improve and companies seek cash for expansion.
Fajr had initially teamed up with Bahrain’s Investcorp Bank to buy a minority stake in Gems, people familiar with the matter said in April. Dubai-based Fajr brought in Blackstone after Investcorp dropped out of talks, two of the people said this week.
Fajr, backed by investors including the Malaysian sovereign wealth fund Khazanah Nasional, led a group of investors to buy the Dubai-based oil services company National Petroleum Services in a deal valued at more than $500 million, the company said.
A Dubai-based spokesman for Fajr declined to comment, while a spokeswoman for Gems did not immediately return an e-mail seeking comment. A representative for Blackstone based in London and Emily Hartman, a spokeswoman for Investcorp, declined to comment.
* Bloomberg News
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
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Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
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Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5