KKR has agreed to acquire a majority stake in XCL Education Holdings in a transaction valuing the Southeast Asian school operator at approximately $1.3bn, Bloomberg reports.

The firm outbid rival investors for the stake held by TPG. The size of the holding was not disclosed. The transaction remains subject to regulatory approvals and customary closing conditions.

XCL operates K-12 school campuses across Singapore, Thailand, and Vietnam. Its portfolio includes XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and Vietnam Australia International School. Temasek Holdings is also a shareholder.

The $1.3bn agreement reinforces KKR’s conviction in education platforms across Asia. The firm has backed multiple education assets in the region, including Lighthouse Learning in India and Taylor’s Education Group in Southeast Asia, as well as EQuest Education, Vinschools, and Cognita Schools.

KKR has deployed approximately $15bn across Southeast Asia. Earlier this month, the firm led a consortium to acquire data centre operator STT GDC for S$6.6bn, equivalent to $5.2bn. In November, it provided $750m in financing to Chandra Asri Group.

The XCL acquisition underscores sustained private equity appetite for scalable education platforms in high-growth Southeast Asian markets.

If you think we missed any important news, please do not hesitate to contact us at [email protected].

Can`t stop reading? Read more.