Good evening,

The dealmakers at Sydney buyout firm Advent Partners are finishing their weekend on a high.

Street Talk can reveal Swedish sponsor EQT is in exclusive discussions to acquire Advent’s school software business, Compass Education, which was slated to fetch a sale price of about $700 million. It is believed binding offers were received from three other global private equity firms.

Compass Education’s founders, John de la Motte and Lucas Filer, are expected to roll a significant stake into the deal. They will work alongside EQT’s mid-market fund, which is led by Queensland-born partner Nicholas Macksey and Jacob Van der Wiel, and which only three months ago filled its coffers to the tune of $2.4 billion.

Sources said Compass’ founders liked EQT’s global track record in education businesses and would look to grow the Compass platform in partnership with the Swedish buyout firm.

It is understood EQT’s investment will be used to fund product development and accelerate international expansion as well as enhance the platform in existing schools in Australia, Ireland and the United Kingdom.

RBC Capital Markets advised Advent Partners.

Read the full story tomorrow and more on the Street Talk page.

• School’s out for Advent’s Compass Education; signs deal with EQT.
• MyState, Auswide agree to binding regional bank merger.
• AustralianSuper taps BofA for Queensland Airports final bid.
• EQT’s Icon Group sets record in leveraged loans market with UK buy.

• Revolut secures $45 billion valuation in share sale by employees, Financial Times reports.
• EQT to acquire Singapore real estate platform PropertyGuru in $US1.1 billion deal, Reuters reports.
• Jefferies says it was shortchanged on fee in Rubicon SPAC, Bloomberg reports.

Shares notched their sixth straight session of gains on Friday as investors took confidence the US economy would avoid a recession, supporting the earnings outlook.

Click here for the latest equity market wrap.