By Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, Sharon Liu (HKUST) Photo: Priscilla Du Preez (Unsplash) Overview of the deal Acquirer: KKR & Co. (Kohlberg Kravis Roberts & Co.) Target: XCL Education Holdings Pte Implied Equity Value: Not publicly disclosed Total Transaction Size: ~$1.3 billion Closed date: Pending regulatory approvals and customary closing conditions (announced February 23, 2026) Target advisor: Not publicly disclosed Acquirer advisor: Not publicly discl