CVC Capital Partners’ Acquisition Of A 30% Stake In GEMS Education


Milbank LLP advised the financing sources on the financing in connection with CVC Capital Partners’ acquisition of a 30% stake in GEMS Education.

A refinancing was carried out as part of a larger transaction that saw CVC acquire a roughly 30% stake in GEMS Education, resulting in the exit of an investor group led by Fajr Capital, along with Blackstone and Mumtalakat. The financing is expected to include US$1.65 billion of term loans and senior secured notes.

GEMS Education is a global advisory and educational management firm, with a network of over 70 schools in over a dozen countries. The company also recently invested in a portfolio of 14 schools in Saudi Arabia and four schools in Egypt through joint ventures with Hassana, the Saudi Arabia Pension Fund, and EFG Hermes, respectively.

Gems Education have been advised by Credit Suisse, Emirates NBD and Morgan Stanley, JP Morgan and Bank of America Merrill Lynch. Allen & Overy acted as legal adviser.

The refinancing is being arranged by Goldman Sachs, Credit Suisse, HSBC and Citigroup and Milbank as to legal advice. Linklaters has provided legal advice to Gems Education in regard to the refinancing.

CVC was advised by UBS, Goldman Sachs and Freshfields. Fajr Capital, Blackstone, and Mumtalakat were also advised by Rothschild & Co and Gibson, Dunn & Crutcher.

The Milbank team is led by European Leveraged Finance/Capital Markets partners Suhrud Mehta (Picture) and Apostolos Gkoutzinis, with special counsel Miko Bradford and Trevor Truman, and associates Rahul Chatterji, Dimos Papanikolaou, Ken Ryan, David Waserstein, Philipp Engel and Chris Mooney, as well as NY-based partner Michael Bellucci and associate Jonathan Edwards.

Involved fees earner: Michael Bellucci – Milbank; Miko Bradford – Milbank; Rahul Chatterji – Milbank; Jonathan Edwards – Milbank; Philipp Engel – Milbank; Apostolos Gkoutzinis – Milbank; Suhrud Mehta – Milbank; Chris Mooney – Milbank; Dimos Papanikolaou – Milbank; Kenneth Ryan – Milbank; Trevor Truman – Milbank; David Waserstein – Milbank;

Law Firms: Milbank;

Clients: CVC Capital Partners;