Actis Capital LLP, a private equity firm focused on investments in emerging markets, has sold $200 million shares in China education company EIC Group to its private equity rival CVC Capital Partners, two sources told Reuters.
The deal will give CVC Capital a substantial stake and a greater level of management control over EIC than Actis had, the sources said, without disclosing the exact stake CVC would own.
EIC, which specialises in providing coaching services to students in China seeking an overseas education, becomes the latest in a series of China buyouts where business owners have sold their shares to give more control to incoming investors.
The trend is fuelled by lengthy waits to get to a public listing in China, where the securities regulator has lifted a freeze on IPOs this month after a 15-month hiatus.
Actis and EIC did not respond to request for comments. CVC declined to comment. Sources declined to be named as the deal was not public.
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