June 18 (Reuters) - A consortium led by Brookfield Asset

Management ( BAM ) has agreed to invest in Dubai-based international

education provider GEMS Education, the companies said in a joint

statement on Tuesday.

They did not specify the size of the investment, but said

private equity firm CVC Capital partners will substantially exit

its stake in GEMS as part of the deal, five years after it

acquired a 30% holding in the company.

The transaction is expected to be completed in the third

quarter of 2024, subject to conditions.

Other investors in the consortium include Gulf Islamic

Investments, Marathon Asset Management, and the State Oil Fund

of the Republic of Azerbaijan (SOFAZ).

GEMS also said it secured financing from a consortium of UAE

banks to fund the repayment of its existing financial

arrangements.

A family business, GEMS Education grew from a single school

in 1959 to now educating 140,000 students.

In 2019, GEMS' joint venture in Saudi Arabia acquired

Ma'arif, the kingdom's largest education company.