Gulf Islamic Investments LLC, State Oil Fund of the Republic of Azerbaijan, Brookfield Special Investments Fund L.P., managed by Brookfield Corporation (TSX:BN) and Marathon Asset Management, LP entered into a binding agreement to acquire an unknown minority stake in GEMS Education from Khazanah Nasional Berhad, CVC Capital Partners Strategic Opportunities II, CVC Strategic Opportunities I, managed by CVC Capital Partners Limited on June 18, 2024. GEMS has simultaneously secured financing commitments from a consortium of UAE banks to finance the transaction, including funding the repayment of GEMS? existing financing arrangements. As part of the transaction, CVC Consortium will retain a stake in the Company and welcome Brookfield as new shareholders. The Company?s existing minority shareholders, including Khazanah Nasional Berhad, will exit as part of this transaction. The completion of the transaction is expected in Q3 2024 and is conditional on satisfaction of certain conditions by all parties.

Denovo Partners Limited, and Goldman Sachs & Co. LLC acted as financial advisors for GEMS Education. Varkey Group was advised by Westgrove Partners.