KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources

[HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter.

KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.

Representatives for KKR and TPG declined to comment.

XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December.

The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings.

KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor’s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia.

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KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month.

In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil’s Esso-branded retail fuel stations in Singapore.

After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd’s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion). BLOOMBERG