PHINMA Corp. said Phoenix Investments II Pte. Ltd, an investment vehicle of funds managed by KKR (KKR) is investing into its education arm, PHINMA Education Holdings Inc.
PHINMA said PHINMA Education signed an investment agreement with KKR’s Phoenix Investments II Pte. Ltd, and with Rise Edu Pte. Ltd., an investment vehicle of funds managed by Kaizenvest (Kaizenvest III), an education-focused private equity fund focused on emerging markets in South and South-East Asia for the issuance of primary shares in exchange for P4.5 billion of capital infusion.
PHINMA said concurrently with the infusion, funds managed by KKR have entered into an agreement to acquire all PHINMA Education shares directly or indirectly owned by Asian Development Bank (ADB), Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden N.V. (FMO), and Kaizen Private Equity II Pte. Ltd. (Kaizenvest II).
These will give KKR a 30.67 percent stake in PHINMA Education and 3.73 percent interest for Kaizenvest III.
The transaction gives KKR three seats in PHINMA Education’s Board of Directors.
“Upon closing of the transactions mentioned above (which are subject to the fulfillment of certain closing conditions including clearance by the Philippine Competition Commission), PHINMA Corporation will remain as the majority shareholder of the company,” the company said..
PHINMA last month said its education business is getting about half of its P4.5 billion planned capital expenditures for the year.
