Lawyers from A&O Shearman, Latham & Watkins, and Linklaters have advised on one of the largest leveraged buyouts in the Middle East.
A consortium led by Brookfield Asset Management has invested in GEMS Education, a private education provider, in partnership with the Varkey Group.
Financial details have not been disclosed, though a Bloomberg report states the Canadian firm was looking to invest about US$2 billion in GEMS, making it one of the largest private equity investments in the region.
Other investors in the consortium include Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of the Republic of Azerbaijan (SOFAZ).
A&O Shearman advised GEMS, a family business founded by Indian immigrants who turned a single school into one of the world’s largest private education providers. Headquartered in Dubai, it has more than 135,000 students in 61 schools operating across UAE, Qatar, and Europe.
The existing minority shareholders of GEMS, including Khazanah Nasional Berhad, exited as part of the transaction and funds managed by CVC Capital Partners also substantially exited their stake in the company.
Financing was secured by GEMS from a consortium of UAE banks, led by Dubai Islamic Bank.
A&O Shearman META (Middle East, Turkey, and Africa) managing partner, David Foster, who led the A&O Shearman team, said:
“We are delighted to have advised GEMS on this strategic transaction, which underscores the continued appetite from blue-chip investors for quality assets in the region.”
Linklaters, meanwhile, advised the Brookfield-led consortium on the deal, which completed on July 17. The deal team consisted of cross-practice London and Dubai lawyers, led by partner and global financial sponsors sector co-head, Ben Rodham.
Latham & Watkins advised the Varkey Group, with London corporate partners Nick Cline, Richard Butterwick, and James Inness, leading the team.
