Asia-based asset manager Hillhouse Investment is in negotiations with a consortium of banks for a loan of approximately $250 million to support its acquisition of Dulwich College International’s network of schools. Sources familiar with the matter report that around six banks are considering participating in the financing, with each lender expected to contribute roughly equal amounts. Discussions are still in progress, and details may change.
Hillhouse has reached an agreement to acquire the network of schools for about $600 million from Education in Motion (EiM), which operates these schools across China, South Korea, and Singapore.
A representative from Hillhouse declined to comment on the deal, while EiM did not respond to requests for information.
This acquisition is part of a broader trend where prestigious British schools are expanding throughout Asia, particularly following challenges faced in the Chinese and Hong Kong markets.
EiM’s founders, Fraser White and Karen Yung, established the first Dulwich College International school in Shanghai in 2003. They entered into a 100-year global partnership with the original Dulwich College in London, founded in 1619. Recently, the company announced plans to open a new school in Bangkok in 2026.
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