GEMS Education looks to sell 20% stake for $500m


gemsDubai-based school operator GEMS Education is looking to sell a stake of up to 20 per cent for $500m.

The company has hired Credit Suisse as a financial adviser and is not looking to sell more than 20 per cent, chairman Sunny Varkey told Reuters.

A local magazine said earlier this week that the company could dispose of a 33 per cent stake.

Emerging markets-focused private equity firm The Abraaj Group acquired a 25 per cent stake in GEMS for $112m in 2007 and later converted its interest into a loan.

Varkey also said that the company, which was said to be mulling an IPO, does not have plans to float.

Earlier this week it was reported that Abraaj was in a competition with KKR to acquire a 60 per cent interest in Saudi Arabian fast food restaurant chain Kudu.

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