DLA Piper has advised Laureate Education (NASDAQ:LAUR), the world’s largest global network of higher education institutions, on the sale of its global network institution in Malaysia -INTI University and Colleges (INTI)- to Affinity Equity Partners (Affinity), one of the largest independent private equity firms in the Asia Pacific region, for a total transaction value of US$180 million. The net transaction value to Laureate under the Agreement will be US$162 million.
INTI University and Colleges is a leading provider of quality and private education through academic innovation, industry partnerships, and student outcomes. It has five campuses in the country and has seen its student numbers grow progressively to over 16,500 in 2017. It also has a higher-than-market average employability rate of 99 percent within six months of graduation, as validated by BDO Governance Advisory in 2016.
Affinity is one of the Asia-Pacific region’s largest and longest established independent private equity firms. It currently has US$8 billion total assets under management, and an unparalleled investing track record in Malaysia, having invested in a leading hospital in medical touris, as well as one of Southeast Asia’s largest integrated poultry producers. INTI is Affinity’s third investment in Malaysia in the past four years.
The transaction value amounts to US$180 million, which includes a US$18 million value for a minority equity shareholder, subject to customary closing adjustments. The transaction is expected to close in the second quarter of 2018.
DLA Piper’s Corporate partner Heng Loong Cheong who led the transaction said: “We are very pleased to have advised our key global client Laureate Education on such a landmark deal in an increasingly active sector in Asia-Pacific. This transaction is reflective of the confidence investors have on Malaysia's private higher education excellence and its potential for further rapid growth, whilst also demonstrating DLA Piper's cross-border M&A experience in leading English law and other international law-governed deals in the region.”
The DLA Piper team consisted of Singapore-based Corporate senior associate Farrah Saleem, Hong Kong-based IPT partner Scott Thiel, and Corporate partners Mark Burger in Melbourne and Gloria Liu in Hong Kong. They were supported by Corporate of counsel Katherine Chew and Litigation and Regulatory of counsel Matthew Shaw in Singapore, Corporate senior associates James McCarthy in Melbourne and Michael Huang in Shanghai, and Hong Kong-based Corporate registered foreign lawyer Jean Jiang.
