Dubai's Fajr Capital said on Wednesday that it was part of a group including Blackstone and Bahrain sovereign fund Mumtalakat that acquired a "significant minority stake" in UAE-based GEMS Education.

No price for the deal was given in the statement posted on Fajr's website, which said Blackstone had made its investment through its Tactical Opportunities fund.

GEMS Education's chairman, Sunny Varkey, said in September last year that his company was hoping to raise up to $500 million from the sale of a 20 per cent stake in the schools operator. – Reuters