Global private equity firms including Warburg Pincus and KKR are exploring potential bids for Southeast Asia-focused education platform XCL Education, according to a report by Bloomberg citing people familiar with the matter. Other alternative asset managers understood to be assessing the opportunity include Blackstone and EQT.
A transaction could value Singapore-based XCL at up to $1.5bn, although discussions remain at an early stage and additional bidders could still emerge. A decision on a potential buyer is not expected until next year.
XCL operates a portfolio of K-12 schools across Southeast Asia, with campuses in Singapore, Thailand, and Vietnam. Singapore state investor Temasek Holdings is also a shareholder.
The process highlights continued private equity appetite for education assets across Asia, driven by rising demand for premium international schooling. Excluding China, education dealmaking in the Asia-Pacific region reached $6.4bn last year, up 25% year on year, according to LEK Consulting.
Recent transactions include a Neuberger Berman-led consortium acquiring a stake in Nord Anglia in a deal valuing the international schools group at $14.5bn including debt, with EQT reinvesting through a newer fund.
