KKR Is Said to Acquire School Firm XCL in $1.3 Billion Deal

KKR & Co. has agreed to buy a majority stake in XCL Education Holdings Pte in a deal that values the Southeast Asian school operator at about $1.3 billion, according to people familiar with the matter.

KKR outbid other investment firms for the stake held by TPG Inc., the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.