Azerbaijan State Oil Fund joins global investors in major stake in GEMS Education

    ECONOMICS  18 June 2024 - 16:21

    The State Oil Fund of Azerbaijan (SOFAZ) has announced its participation in a significant investment in GEMS Education, one of the world's largest private educational service providers.

    Other investors include a consortium led by the Canadian investment company Brookfield Asset Management Ltd., as well as Dubai-based Gulf Islamic Investments, Marathon Asset Management, Caliber.Az reports citing local media.

    The investment allows CVC Capital Partners to significantly divest its stake in GEMS Education after five years of ownership. The transaction, expected to finalize in the third quarter, also involves financing from Emirati banks to settle existing liabilities.

    Founded in 1959 in Dubai, GEMS Education currently operates over 40 schools across the UAE, enrolling more than 135,000 students. The completion of this deal follows a protracted sales process initiated in 2022, which faced setbacks in 2020 amidst pandemic-related challenges.

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