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By Christiana Sciaudone
Investing.com -- Laureate Education (NASDAQ:LAUR) rose 5% after a filing disclosing it might sell its Brazilian assets.
Ser Educacional is looking to buy Laureate assets, the Brazilian company said in a securities filing on Sunday.
“The company is currently evaluating a potential transaction including the assets of Laureate in Brazil, though no deal has been firmed yet,” Ser Educacional said in a statement.
Ser Educacional bought Laureate’s UniNorte last year. New enrollments in Brazil dropped 9% in the first quarter, versus a year earlier.
Brazil represented about $84 million in first quarter revenue, down from $110 million a year earlier. Total revenue for Laureate in the first quarter totaled $529 million, compared to $601 million a year earlier. The Brazilian currency has weakened over the past year, with the U.S. dollar going from around 3.50 reais in March 2019, to 4.38 reais a year later. It is now at around 5.33 reais.