Laureate Education, Inc. (NASDAQ: LAUR) announced Wednesday that it entered into an agreement with Ser Educacional for the sale of Laureate’s institution Centro Universitário do Norte, or UniNorte, a traditional higher education institution in Manaus, Brazil.
UniNote was founded in 1994 and joined Laureate Education in 2008, becoming a benchmark for higher education in the Amazonas region. Uninorte has three campuses serving 25,000 students, according to Wednesday's announcement.
Why It's Important
Laureate the largest international network of degree-granting higher education institutions and is primarily focused on Latin America, with approximately 875,000 students enrolled at over 25 institutions with more than 150 campuses.
The transaction enterprise value is the U.S. dollar equivalent of $49.9 million, according to Laureate, which includes the assumption of net debt in the amount of approximately $2.5 million.
Laureate CEO Eilif Serck-Hanssen said the sale of UniNorte is part of a plan to simplify Laureate's portfolio and streamline operations.
"We are incredibly proud of UniNorte’s legacy, including its strong reputation, commitment to student success and the positive impact the institution has had in the region,” Serck-Hanssen said. “We are pleased Ser Educacional has committed to honor this legacy while further advancing UniNorte’s mission."
The sale is expected to close after review by the Brazilian government's Administrative Council for Economic Defense, Laureate said.
Laureate shares were trading up 0.29 percent at $15.54 at the time of publication Wednesday.
MarineMax Acquires Boat Dealer Sail & Ski Center
Smart & Final To Be Acquired By Apollo Funds
See more from Benzinga
- MarineMax Acquires Boat Dealer Sail & Ski Center
- Smart & Final To Be Acquired By Apollo Funds
- German Garden Gnome-Maker To Retire; 145-Year-Old Company Seeks Successor
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.