Dubai school operator GEMS Education plans to raise $500 million from stake sale

GEMS Education, the Dubai based schools operator, is seeking to raise about $500 million to fund growth by selling a stake of up to 20 percent in the privately owned company..

GEMS  employs about 11,000 staff, operates around 100 private schools across the Gulf region.

GEMS has appointed Credit Suisse as a financial adviser to help with the sale process and seek investors.

GEMS had raised $545 million loan from local banks in April for new investments in schools in the region and for refinancing.

The Abraaj Group, the Middle East’s largest private equity firm, bought 25 percent of GEMS in 2007, restructuring the stake five years later into a loan.

via Reuters