KKR & Co. (NYSE:KKR) is poised to acquire a controlling stake in XCL Education Holdings under a transaction that assigns the Singapore-headquartered firm an enterprise value of approximately $1.3 billion, Bloomberg reported.

The stake is being sold by TPG Inc. (NASDAQ:TPG), with KKR prevailing over other bidders in a competitive process, according to the Bloomberg report, which cited people familiar with the deal it didn’t identify. Financial terms beyond the overall valuation — including the exact size of the interest changing hands — have not been disclosed.

XCL oversees a portfolio of K-12 institutions across the region. Its campuses include XCL World Academy in Singapore, the Sukhumvit campus of the American School of Bangkok, and the Vietnam Australia International School, as detailed on its website.

Other buyout firms, including Warburg Pincus, Blackstone and EQT AB, were also reported to have explored bids for the asset. The KKR deal is expected to close once regulatory approvals and other customary conditions are satisfied.

The investment adds to KKR's activity in the education space. The firm has previously backed Lighthouse Learning in India, Taylors Education Group, EQuest Education in Vietnam and Vinschool Education Systems.

Photo: Shutterstock