KKR disclosed a deal to acquire a majority stake in XCL Education for approximately $1.3 billion, with the transaction subject to regulatory approvals and customary closing conditions.
XCL Education operates K‑12 school campuses across Southeast Asia, including the XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and the Vietnam Australia International School. The company serves roughly 20,000 students in Singapore, Thailand, Vietnam, and Malaysia, and its shareholder base includes TPG and Singapore’s state investor Temasek Holdings.
The acquisition aligns with KKR’s strategy of expanding its education portfolio in high‑growth Asian markets. KKR already holds stakes in Lighthouse Learning (India), Taylor’s Education Group (Southeast Asia), EQuest Education (Vietnam), Vinschools (Vietnam), and Cognita Schools (Asia), and it has deployed about $15 billion in Southeast Asia. Adding XCL strengthens KKR’s presence in the region’s K‑12 sector and provides a scalable platform for further growth.
The deal comes amid a broader slowdown in private‑equity dealmaking, yet it underscores continued appetite for quality assets with defensible growth prospects. KKR outbid other firms, including TPG, for the stake, and the size of the majority interest remains undisclosed. TPG had previously sought to sell XCL at a valuation of $1.5 billion in August 2025.
KKR’s recent investments in the region—including the acquisition of data‑center operator STT GDC and financing for Chandra Asri Group—demonstrate its commitment to Southeast Asia. The XCL transaction adds a high‑profile education operator to KKR’s portfolio and positions the firm to capture demand for quality schooling in the region.
The transaction is pending regulatory approvals and customary closing conditions, and no further details on the exact stake size or closing timeline have been released.
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