UAE – Mubasher: A consortium led by the British private equity firm CVC Capital Partners has approved the acquisition of a 30% stake in Dubai-based GEMS Education from existing shareholders, Reuters reported.

Accordingly, a consortium headed by Fajr Capital Ltd comprising Tactical Opportunities funds and managed by Blackstone Group and Bahrain’s Mumtalakat Holding Co will exit from the Emirati firm, according to a statement by GEMS.

The value of the deal has not been revealed yet, the London-based news agency said.

Moreover, GEMS has unveiled a refinancing plan that includes loans and bonds, the statement added.

Under the deal, the Malaysian sovereign fund Khazanah Nasional Berhad will retain a 3% stake in GEMS.

Once the deal is completed, the Varkey family will maintain their position as the largest shareholder in GEMS.

GEMS noted that the transactions are expected to close by the end of July.