Dubai-based GEMS Education could invite other bidders or list its business after talks to sell a controlling stake to ADQ and Aldar Properties stalled over valuation, according to Bloomberg.

"Wealth fund ADQ and real estate developer Aldar Properties PJSC haven’t been able to agree on a price with the owners of GEMS, who were seeking to sell a stake at a $6 billion valuation," Bloomberg reported citing people familiar with the report. 

“Talks with the Abu Dhabi bidders, which began late last year, have not officially ended, and could still be restarted at a later date,” the report said.

GEMS Education, owned by Sunny Varkey was founded in 1959 and now owns and operates 63 schools and educates over 130,000 students in the MENA region.

In 2019, a consortium led by buyout firm CVC Capital Partners bought a 30% stake in GEMS Education from its shareholders.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@lseg.com)