Vasta Platform Ltd (NASDAQ: VSTA) subsidiary Somos Sistemas de Ensino S.A. has agreed to invest an undisclosed sum in Educbank Gestão de Pagamentos Educacionais S.A.
Educbank is a financial ecosystem dedicated to K-12 schools, intended to expand access to quality education in Brazil through services’ management and financial support to educational institutions by providing payment guarantees to school tuitions.
According to the agreement, the investment will be made in installments over two years upon subscription of new Educbank shares.
The closing of the transaction is subject to certain conditions precedent, including the approval by the Brazilian antitrust authority.
The investment will enable Vasta to tap the K-12 tuition payment means, with the total payment volume (TPV) estimated at R$70 billion per year.
Price Action: VSTA shares are trading lower by 4.60% at $4.56 on the last check Friday.
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