TPG Inc is weighing the potential sale of Southeast Asian school operator XCL Education, drawing preliminary interest from both industry peers and private equity firms, sources familiar with the matter said. The deliberations remain private and TPG is working with financial advisers on the possible transaction.
A deal could value the Singapore-based education group at up to $1.5 billion, although sources cautioned that the process is at an early stage and TPG may ultimately decide to retain the asset. TPG declined to comment.
XCL Education operates 17 K-12 school campuses across Southeast Asia, serving around 21,000 students. Its portfolio includes XCL World Academy in Singapore, the American School of Bangkok and Vietnam Australia International School. The company is backed by TPG and Singapore’s state investor Temasek Holdings Pte.
Earlier this year, Bloomberg reported that XCL secured a $400 million private credit loan to refinance existing debt. Apollo Global Management Inc. provided a significant portion of the funding, with participation from Partners Group, Deutsche Bank AG and Nomura Holdings Inc, according to sources familiar with the arrangement.
Bloomberg
