Blackstone nears first deal in Middle East

0
18

dubaiUS private equity major Blackstone is reportedly nearing a deal to buy a minority stake in Dubai-based schools operator GEMS Education.

Blackstone has teamed up with local private equity firm Fajr Capital for the deal, three people with knowledge of the deal told Bloomberg.

The parties could reach a formal agreement to buy 20 per cent of the company in the next couple of weeks and the deal could be valued at around $350m.

GEMS, which operates over 100 schools across 14 countries, posted a $74.4m profit in the fiscal year to end-March.

This would be Blackstone’s first deal in the Middle East.

Meanwhile, Blackstone-backed home solar power systems provider Vivint Solar has filed for a $200m IPO on the New York Stock Exchange.

Copyright © 2014 AltAssets