TPG weighs sale of US$1.5 billion Singapore-based XCL Education: sources

Published Mon, Aug 25, 2025 · 04:04 PM

XCL owns and operates several international schools, including XCL World Academy in Singapore, the American School of Bangkok and Vietnam Australia International School, according to its website. PHOTO: BLOOMBERG

[SINGAPORE] TPG is considering selling South-east Asian school operator XCL Education and has attracted preliminary interest from industry peers and buyout firms, according to people familiar with the matter.

TPG is working with financial advisers on the potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value Singapore-based XCL at as much as US$1.5 billion, they said.

Considerations are preliminary and TPG could decide to keep the asset, the people said.

TPG declined to comment.

XCL owns and operates several international schools, including XCL World Academy in Singapore, the American School of Bangkok and Vietnam Australia International School, according to its website.

XCL has 17 K-12 school campuses with about 21,000 students across South-east Asia. Shareholders include US private equity firm TPG and Singapore state investor Temasek Holdings.

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Bloomberg News reported in May that XCL obtained a US$400 million private credit loan to refinance debt. Apollo Global Management funded a large portion of the loan, which attracted other lenders including Partners Group, Deutsche Bank and Nomura Holdings, people familiar with the matter said. BLOOMBERG

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