KKR acquires XCL Education

FEBRUARY 23, 2026

KKR in talks to acquire XCL Education

TARGET

Operates a network of K-12 international schools and preschools serving over 29,000 students across Singapore, Malaysia, Thailand, and Vietnam.

Ownership	PE-backed
Prior owner	TPG
Investors	TPG, Temasek Holdings
Capital raised	$400M
Headcount	1,001-5,000 FTEs
Headquarters	Singapore, Singapore
Leadership	Gilles Mahe, Group CEO
Sell-side advisor	—

ACQUIRER

KKR

Global private equity and alternative asset management firm.

Deal value	$1.3B enterprise value
Ownership	Publicly traded (NYSE: KKR)
Headcount	4,834 FTEs
Headquarters	New York, New York
Buy-side advisor	—

Share deal Copy details View press release ↗

KKR -> XCL Education  (2026-09-11)
majority_investment | Education | $1.3 billion enterprise value | announced
Target: Operates a network of K-12 international schools and preschools serving over 29,000 students across Singapore, Malaysia, Thailand, and Vietnam.
Website: xcledu.com | Buyer site: kkr.com
HQ: Singapore, Singapore | Ownership: pe-backed | Seller: TPG | Buyer ownership: public (NYSE: KKR)
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/kkr-xcl-education.html

Spotted an error or advised on this transaction? Claim credit or send a correction

MORE IN EDUCATION

upGrad acquires Unacademy

$206M Valuation — Competitive exam prep and live-tutoring platform serving Indian students preparing for UPSC, NEET, IIT-JEE, and banking exams via live classes, recorded courses, and test series

Abwaab acquires Eduact

SaaS platform for independent teachers and small learning centres in Egypt to manage video content, grading, payments, and online-to-offline workflows

Banyan Software acquires Questi

Student progress tracking, report cards, lesson planning, and school-home communication software for preschool and primary (preK–8) schools in Belgium

engage2learn (Leeds Equity Partners) acquires Instructional Coaching Group

Research-based instructional coaching frameworks, professional development institutes, and a coaching platform for K-12 principals, coaches, and teachers, built on Jim Knight's three decades of research

VIA Equity acquires evasys

evasys provides automated web-based survey and examination software for higher education, healthcare, and public sector organizations across 20 countries

Grupo Aspasia (Growth Partners Capital) acquires Ideas Consultora de Formación

Ideas Consultora de Formación delivers official private-security guard licensing courses and FUNDAE-subsidised training to Spanish companies and job seekers under the Ideas Seguridad Privada brand

Browse the full register →

PAST ISSUES CONTACT

Thematic is a news publication, not an investment adviser. Nothing here is investment advice or a recommendation to buy or sell any security. Researched and compiled by Thematic; accuracy and completeness are not guaranteed.