Nord Anglia Education Inc, a Hong Kong-based operator of international schools, said it would be taken private by Canada Pension Plan Investment Board (CPPIB) and Baring Private Equity Asia in a deal that values the company at US$4.3 billion, including debt.
The cash offer of US$32.50 per share represents a premium of 17.7 percent to Nord Anglia’s Monday closing on the New York Stock Exchange.
Baring has a 67 percent stake in Nord Anglia, which operates 43 schools in 15 countries.
The deal includes a so-called go-shop period, during which Nord Anglia can evaluate proposals from other buyers for 30 days.
In March, CPPIB, along with Singapore wealth fund GIC and property owner Scion Group LLC, said their joint venture had bought three U.S. student housing portfolios for about US$1.6 billion.
Update: In a statement, Deborah Orida, a CPPIB managing director and head of private equity in Asia, said Nord Anglia, the pension fund’s first direct investment in private education, is positioned “to benefit from the rising demand for high-quality education in the kindergarten to grade 12 category globally.”
(Reporting by Ankit Ajmera and Ahmed Farhatha in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Nord Anglia Education Inc