(Bloomberg) -- Asia-based asset manager Hillhouse Investment is in talks with a consortium of banks for a loan of about $250 million to back its acquisition of Dulwich College International’s schools, according to people familiar with the matter.
About half a dozen banks are considering to provide financing, with each lender committing roughly equal amounts, the people said, asking not to be identified discussing private matters. Details are subject to change as discussions are ongoing, the people added.
Hillhouse struck a deal to buy the network of schools across Asia for approximately $600 million from Education in Motion, which owns and operates the schools in China, South Korea and Singapore, according to people familiar with the matter.
A spokesperson for Hillhouse declined to comment. Education in Motion didn’t respond to a request for comment.
The buyout deal comes amid the rapid expansion of top British schools throughout the rest of Asia after investments in China and Hong Kong turned sour.
EiM’s founders, Fraser White and Karen Yung, opened the first Dulwich College International school in Shanghai in 2003. They signed a 100-year global partnership with the original Dulwich College in London, which itself was founded in 1619. The company in May announced plans to open up a school in Bangkok in 2026.
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