Lighthouse to acquire two schools in Cairo this year
Lighthouse to buy two schools this year: State-backed education investment platform Lighthouse Education is looking to put the entirety of its first close of EGP 560 mn towards acquiring two schools in Cairo this year, Deputy Chairman Mohamed El Sherif confirmed to Enterprise, following a report from Al Mal. The transactions are still being negotiated, he said, without disclosing which schools are involved in the talks.
This lines up with what El Sherif told us last year about the platform aiming to acquire majority stakes in at least two of four shortlisted K12 private schools before the end of 2021. The platform is hoped to eventually raise commitments of EGP 1.75 bn.
Lighthouse reached its first close in November, beating its EGP 500 mn target. State-owned organizations committed EGP 375 mn, while Saudi’s Al Rajhi Investment Holding Company (Rajhi-Invest) contributed EGP 75 mn.
Lighthouse was launched in July to channel investment into K12 private schools. The platform plans to invest in 10-12 schools, focusing initially on Cairo and Giza before turning its attention to other areas of the country such as Alexandria, Beni Suef, Assiut, Port Said, Gharbia, and Qalyubia. The platform is aiming to reach its second close before the end of 2022 and hopes to eventually increase its capital to EGP 1.75 bn.