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Baring-backed Nord Anglia files to raise $300m in New York IPO

19 Feb 2014

education_lrgBaring Private Equity Asia-backed school specialist Nord Anglia Education has filed to raise up to $300m through an IPO on the New York Stock Exchange.

The Hong Kong-based business was bought by Baring in a $360m deal in 2008, and was expanded last May through the purchase of Sovereign Capital-owned WCL Group for $237m.

That deal added WCL’s nine schools in the US, Qatar and Spain to Nord Anglia’s existing portfolio of 14 schools in Asia, Europe and the Middle East.

The company has since expanded to 27 schools with reported revenue of $415m and loss of $16m for the year ending August 31 according to Reuters.

Chinese private equity firm Hony Capital is reported to be in advanced talks to team up with a consortium led by Baring Private Equitywhich has offered $2.8bn for gaming group Giant Interactive.

Hony is in talks to invest in an equity tranche of up to $500m to partly fund the acquisition, said Reuters, citing two people with knowledge of the matter.

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