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Report: Providence places Galileo Global Education on the market

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Report: Providence places Galileo Global Education on the market

Private equity firm Providence Equity Partners LLC is seeking about 2.5 billion for the sale of Galileo Global Education Sari, hiring Goldman Sachs and Rothschild to find a buyer for the Paris-based school network, Reuters reported, citing three sources.

An auction process was started in early February, the sources added.

Galileo is a private education group that operates 42 schools in 10 countries, including the Paris School of Business, Macromedia University in Germany and Italian fashion school Istituto Marangoni.

The business has drawn interest from a number of investors including buyout firms KKR & Co. Inc., EQT AB (publ), CVC Capital Partners Ltd. and BC Partners, according to the sources. French private equity group Ardian partnered with Abu Dhabi Investment Authority, while the Wendel Group family office of France teamed up with Singapore's GIC for their respective joint bids.

Belgium’s Groupe Bruxelles Lambert is also among the potential buyers, as well as Canada Pension Plan Investment Board and Caisse de dépôt et placement du Québec.

Providence, Rothschild and representatives at CVC, EQT, BC Partners, Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, Wendel, Ardian, Abu Dhabi Investment Authority and Groupe Bruxelles Lambert declined to comment. Goldman Sachs was not immediately available, while KKR and GIC were not available, Reuters added.