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Investing.com -- Onex Corp. has chosen Rothschild & Co. and Morgan Stanley to advise on the planned sale of Tes Global, a UK-based provider of software solutions for the education sector, according to Bloomberg, citing sources familiar with the matter.
The alternative asset manager is considering divesting the business, which could be valued at up to $2 billion, the sources said, requesting anonymity as the information is confidential.
Onex acquired London-based Tes, formerly known as the Times Educational Supplement, through its Onex Partners V fund in 2021 from private equity firm Providence Equity Partners. Tes management also invested alongside Onex at the time of the acquisition, though financial terms of that transaction were not disclosed.
The sources indicated that discussions regarding the potential sale are still in progress, and there is no guarantee that they will lead to a transaction.
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