(MENAFN) Blackstone Group LP, a New York-based private equity firm, is close to a deal to acquire a minority stake in Dubai's GEMS Education, marking its first investment in the Middle East, Arabian Business reported.
Blackstone has teamed up with Fajr Capital to invest in the world's biggest privately held schools operator.
A deal to buy 20 percent of GEMS may be agreed upon in the next coming weeks, with the deal predicted value to be at about USD350 million.
GEMS, which runs more than 100 schools in 14 countries, may sell as much as 25 percent of the company to raise up to USD500 million
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