A private equity deal for €6 billion London-based private school operator Cognita is about to collapse, with a stake sale to the final remaining bidders Blackstone and CVC now unlikely to proceed, The Financial Times has reported, citing unnamed sources with knowledge of the matter.

European investment group Jacobs Capital has been seeking to divest a substantial stake in the group, which operates more than 100 fee-paying schools across 20 countries, including 38 in the UK, but that process was now in danger of unravelling, according to the sources.

Jacobs became Cognita’s majority owner in 2018 after acquiring the business from Bregal and KKR in a deal valuing the company at £2 billion. Minority shareholders include BDT & MSD and Sofina.