KKR acquires XCL Education

FEBRUARY 23, 2026

KKR in talks to acquire XCL Education (TPG)

TARGET

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

Deal value	$1.3B enterprise value
Ownership	PE-backed · TPG (prior owner); 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.

Headcount	4,834 FTEs
Headquarters	New York, New York
Buy-side advisor	—

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KKR -> XCL Education  (2026-09-18)
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

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