KKR to buy majority stake in XCL Education Holdings in $1.3 billion deal
KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor's Education Group
 "KKR to buy majority stake in XCL Education Holdings in $1.3 billion deal")
By Manuel Baigorri, Elffie Chew and Pei Li
KKR & Co. has agreed to buy a majority stake in XCL Education Holdings Pte in a deal that values the Southeast Asian school operator at about $1.3 billion, according to people familiar with the matter.
KKR outbid other investment firms for the stake held by TPG Inc., the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.
Representatives for KKR and TPG declined to comment.
XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone Inc. and EQT AB, people familiar with the matter said in December.
The company has K-12 school campuses across Southeast Asia, including XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings Pte.
KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor’s Education Group, which operates international schools in Southeast Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia.
KKR has deployed about $15 billion in Southeast Asia. It led a group that agreed to buy data center operator STT GDC Pte for S$6.6 billion ($5.2 billion) in cash earlier this month. In November, KKR provided Chandra Asri Group with $750 million in financing for its acquisition of Exxon Mobil Corp.’s Esso-branded retail fuel stations in Singapore.