KKR to buy stake in New Zealand's Education Perfect for $318 million

FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

SYDNEY (Reuters) – KKR & Co Inc has agreed to acquire a majority stake in New Zealand-based online education company Education Perfect from Mulpha International for $318.82 million, documents filed with Malaysia’s stock exchange show.

Mulpha, which originally invested NZ$16 million ($11.21 million) in the online education platform in 2017, will sell its entire stake of 38% for NZ$455 million, its filing showed.

In a separate statement, KKR said it would help speed up global expansion of Education Perfect, already used by about 3,000 schools, 50,000 teachers and 1 million students in more than 50 countries.

KKR did not disclose the price paid, nor the shareholding acquired, in its statement.

“Education Perfect aligns with our focus on lifelong learning by democratising access to quality digital tools for teachers and students,” said Chee-Wei Wong, KKR’s head of global impact for Asia.

Sydney-based private equity firm Five V Capital will remain invested in the company, KKR added in its statement.

With more than 200 employees, Education Perfect booked sales of NZ$31 million and after tax profit of NZ$3.3 million in the year to December, Mulpha’s filing showed.

($1=1.4271 New Zealand dollars)

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