Varkey Group on Brookfield Investment in GEMS Education: the adivisors
Latham & Watkins advised Varkey Group on the investment by a consortium led by Brookfield Asset Management, advised by Linklaters, to invest in GEMS Education (GEMS), partnering with the Varkey Group.
The Middle East’s leveraged buy-out, which completed today, included a multi-tranche sustainable linked facility led by a consortium of international and regional investors – among these, Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) – alongside a UAE banking consortium led by Dubai Islamic Bank PJSC. As part of the transactions, funds managed by CVC Capital Partners will sell partially and retain a stake in GEMS.
Latham & Watkins’ team
The Latham team was led by London corporate partners Nick Cline, Richard Butterwick, and James Inness, with associate Harry Redford. Additional advice on corporate matters was provided by London associates Harriet Stephenson, Faris Shoubber, Irene Brandão, Isabelle Knapton, and Madina Salavdiyeva; on employment matters by London counsel Shaun Thompson and consultant Rebecca Fielding; and on antitrust and regulatory matters by London partner Jonathan Parker and associate Nadeem Brora.
Linklaters’ team
The deal team consisted of cross-practice London and Dubai lawyers, led by co-head of the Global Financial Sponsors Sector Ben Rodham, private equity partners Andrew Lynch and Ben Suen (all London), banking partner Reem Alsayegh and Middle East managing partner Scott Campbell (both Dubai). They were supported by private equity managing associates William Peck, Jake Thornton and Frances Hibbert (all London) and Julianna Halbeck (Dubai). Partner Rahul Manvatkar, counsels Amin Ebrahim and Richard Cole advised on funds matters. Partner Natura Gracia, counsel Mark Daniel and managing associate Maria Ziprani advised on antitrust and foreign investment matters.
GEMS Group
With roots dating back to 1959 and founded by the Varkey family, GEMS Group, headquartered in Dubai, is a K-12 private education service institution in the UAE. It offers a diverse range of syllabi to more than 135,000 students in 61 schools operating across UAE, Qatar, and Europe. The GEMS group includes companies that provide auxiliary services for school transport, facility management, catering services, and school uniforms.