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Ser Educacional to pick up Laureate’s assets
Posted on Monday, 14 September 2020 13:24
Ser Educacional has agreed to acquire US-based Laureate Education’s Brazilian operations, including Rede Internacional de Universidades Laureate, for BRL 3.68 billion (USD 724.00 million).
The company is offering BRL 1.70 billion in cash and 101.14 million in stock.
Upon closing, which is slated to take place by the end of 2021, Laureate will own a 44.0 per cent stake in Ser Educacional.
The buyer will also look to list American depositary shares (ADS) on a US securities exchange.
Completion remains subject to closing conditions and regulatory approvals, as well as the execution of the ADS listing.
Furthermore, the deal includes a 30 day, go-shop period, which is due to end on 13th October 2020.
Rede Internacional operates higher education institutions across Brazil and enrols students in undergraduate, master’s and doctorate degree programmes.
Since launching a strategic review in January this year, Laureate has entered into agreements to divest assets across five countries, namely Australia, New Zealand, Chile, Brazil and the US.
On 11th September 2020, the company agreed to sell Walden University to Adtalem Global Education for an undisclosed sum.
The same day, the business sold Instituto Profesional AIEP to Universidad Andrés Bello for USD 214.60 million, as well its Chilean operations, including Instituto Profesional Escuela Moderna de Música, to Fundación Educación y Cultura for USD 3.60 million.
Eilif Serck-Hanssen, chief executive of Laureate, said: “Each of these transactions was undertaken with careful consideration, taking into account a variety of commercial, geo-political, regulatory, and market factors.
“We are pleased to be moving ahead with this important value creation initiative and remain committed to continuing on this path.”
Established in 1994, Ser Educacional operates a network of educational institutions across Brazil.
The group has a presence in 12 states throughout the country and comprises more than 151,000 students.
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