A consortium led by Brookfield Asset Management has agreed to invest in Dubai-based international education provider GEMS Education, the companies said in a joint statement on Tuesday.

They did not specify the size of the investment, but said private equity firm CVC Capital partners will substantially exit its stake in GEMS as part of the deal, five years after it acquired a 30% holding in the company.

The transaction is expected to be completed in the third quarter of 2024, subject to conditions.

Other investors in the consortium include Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

GEMS also said it secured financing from a consortium of UAE banks to fund the repayment of its existing financial arrangements.

A family business, GEMS Education grew from a single school in 1959 to now educating 140,000 students.

In 2019, GEMS' joint venture in Saudi Arabia acquired Ma'arif, the kingdom's largest education company.

(Reporting by Pesha Magid; Editing by Jan Harvey)