KKR & Co. has agreed to acquire a majority stake in Singapore-based XCL Education from TPG for around $1.3 billion, The Business Times reported Monday, citing people familiar with the matter.

The American global private equity and investment firm's bid was higher than other offers, including offers from Warburg Pincus, Blackstone and EQT AB, the report said.

The transaction for the undisclosed size of stake is now subject to regulatory approvals and closing conditions, the publication said.

According to the report, XCL Education operates school campuses across Southeast Asia, with Singapore state investor Temasek Holdings among its shareholders.

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