The Service of the Commission for the Protection of Competition announces that is has received a notification in relation with the acquisition of the share capital of Pascal World Schools Ltd by Providence Equity Partners, LLC, through N.A.C.E. Midco Ltd.
N.A.C.E. Midco Limited is a private company duly registered in accordance with the laws of the Republic of Cyprus and is a special purpose vehicle with no previous business activities, which was established to act as an acquisition vehicle for the purposes of the Proposed Transaction. N.A.C.E. is a member of the Globeducate Group. Globeducate is one of the top five K-12 education networks (pre-primary, primary and secondary education).
Globeducate is indirectly controlled by Providence funds. Providence Equity Partners, LLC is a private equity investment firm specializing in investments in multimedia, communications, education, software and information services, as well as managing investments in North America, Europe and emerging markets.
Pascal World Schools Ltd (hereinafter referred to as "TopCo") is a private limited liability company duly registered in accordance with the laws of the Republic of Cyprus. TopCo is the parent company of PASCAL Education (Cyprus) Limited (the "OpCo", and together with the Target, "PASCAL"). PASCAL is a K-12 co-education organization in Cyprus and consists of three English-speaking kindergartens, three English-speaking primary schools, three English-speaking secondary schools and two Greek-speaking secondary schools throughout Cyprus (together the "Schools"). The Schools are owned and operated by OpCo, and are duly licensed by the Ministry of Education, Culture, Sports and Youth of the Republic of Cyprus under and in accordance with the Private Schools Law of 2019 (Law 147(I)/2019).