Singapore’s state investment firm Temasek Holdings is considering a £2 billion ($1.32 billion) joint bid with an infrastructure fund managed by Swedish private equity firm EQT for UK-based schools operator Cognita, according to Sky News.

CVC Capital Partners is also reportedly examining the bid while Singapore’s sovereign wealth fund GIC is among other potential suitors, Sky News said, citing sources.

Cognita operates 70 schools across Europe, Latin America and Southeast Asia. This year, it has expanded to Brazil and Spain, according to its financial report for the first half of 2018.

The Cognita investor report also noted that it has completed the acquisition of American British School in Santiago in March and Woodland Nurseries in Hong Kong in May. Cognita is currently backed by two PE firms KKR and EMK Capital.

Temasek has, in the past, made investments in the education sector including China-based online education provider TutorGroup and Sunny Education, while GIC is also an investor in TutorGroup.

The Singaporean firm also has a preschool-focused investment fund, a joint venture with Mindchamps Preschool via its subsidiary Pavillion Capital Holdings. Temasek also has interests in Australian ABC Learning and UK-based Busy Bees together with Ontario Teachers’ Pension Plan.

On the other hand, GIC has invested in Brazilian K-12 education company Abril Educacao and Chinese edtech startup iTutorGroup, which is seeking a $2 bilion valuation ahead of its initial public offering.

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