Blackstone, the global investment firm, is reportedly in advanced talks to acquire some of the Asian assets of Dulwich College International for around $600 million. According to sources familiar with the matter, the deal would include the prestigious Dulwich schools in Singapore and South Korea, but exclude the ones in China.
The potential acquisition underscores the continued interest of private equity firms in the lucrative education sector, particularly in Asia’s rapidly growing international school market. If successful, Blackstone plans to further expand the Dulwich brand across the Middle East and other parts of Asia to cater to the increasing demand from expatriate families and affluent locals.
Dulwich College, founded over 400 years ago in London, has rapidly expanded its international footprint in recent years. It established its first overseas campus in Shanghai in 2003, followed by schools in Seoul in 2010 and Singapore in 2014. The Singapore school currently has nearly 3,000 students, while the Seoul campus caters to 650 children aged 2 to 18.
The potential deal highlights the attractiveness of premium international schools, which can command hefty tuition fees. At Dulwich College in Singapore, annual fees can exceed S$54,000, while in Seoul, they can reach up to 39.6 million won (approximately S$39,144).
Blackstone’s interest in the education sector is not new. In 2019, the firm was part of a consortium that sold a stake in Dubai-based school operator GEMS Education. The acquisition of the Dulwich assets would align with Blackstone’s strategy of investing in high-growth sectors and diversifying its portfolio.
While the terms and final valuation are still being finalized, the founders and management of Education in Motion, the current operator of the Dulwich schools, are expected to remain actively involved if the deal goes through.
The potential transaction showcases the global appeal of premium British education brands and the increasing demand for high-quality international schooling options across Asia and the Middle East.
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