KKR Is Said to Acquire School Firm XCL in $1.3 Billion Deal (1)

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.

Representatives for KKR and TPG declined to comment.

XCL had drawn interest from other private equity firms including ...