{"id":12801,"date":"2023-06-28T00:04:01","date_gmt":"2023-06-28T03:04:01","guid":{"rendered":"https:\/\/cmalaw.com\/laureate-divests-education-assets-in-latin-america\/"},"modified":"2023-06-28T00:04:01","modified_gmt":"2023-06-28T03:04:01","slug":"laureate-divests-education-assets-in-latin-america","status":"publish","type":"contents","link":"https:\/\/cmalaw.com\/homolog\/contents\/laureate-divests-education-assets-in-latin-america\/","title":{"rendered":"Laureate divests education assets in Latin America"},"content":{"rendered":"

Source: Latin Lawyer<\/a><\/strong><\/p>\n

US learning provider Laureate Education has hired Simpson Thacher & Bartlett LLP in New York,\u00a0Jones Day<\/a>\u00a0in Washington, DC and Amsterdam, and Brazilian firms\u00a0Veirano Advogados<\/a>,\u00a0Demarest Advogados<\/a>\u00a0and Campos Mello Advogados to sell its operations in Brazil for nearly 4 billion reais (US$724 million), following recent divestments in the US and Chile.<\/p>\n

Simpson Thacher provided M&A and securities advice, while Veirano helped on Brazilian M&A matters and Demarest on M&A, competition and compliance aspects.\u00a0Jones Day<\/a>\u00a0and Campos Mello provided tax advice to Laureate.<\/p>\n

The buyer, Brazilian counterpart Ser Educacional, turned to Milbank in S\u00e3o Paulo and New York and Brazil\u2019s\u00a0Pinheiro Neto Advogados<\/a>. The deal was announced on 13 September.<\/p>\n

The deal will hand Ser Educacional 11 higher education institutions in Brazil, serving some 270,000 students in technical, undergraduate and postgraduate programmes.<\/p>\n

Ser Educacional will pay 1.7 billion reais (US$322 million) in cash and transfer some 101 million shares to Laureate, as well as assuming US$125 million of Laureate’s debt. The buyer will also seek to list American depositary shares (ADS) in the US.<\/p>\n

Once the deal is complete, Laureate will hold a 44% stake in Ser Educacional.<\/p>\n

The deal is expected to close in late 2021, but is subject to various conditions, including regulatory approval and the completion of Ser Educacional\u2019s ADS listing.<\/p>\n

The agreement includes a 30-day, so-called \u201cgo-shop\u201d period that ends on 13 October. During this time, Laureate may encourage or enter negotiations with other potential buyers that could yield a superior acquisition proposal. If an alternative proposal is presented, Ser Educacional has the right to match it or will be paid a termination fee if Laureate accepts another proposal.<\/p>\n

The divestment is one of several announced by Laureate recently. The company revealed earlier in the year that it would sell several assets across Australia, New Zealand and the US, as well as in Brazil and Chile in Latin America.<\/p>\n

Last week, the company announced the sale of Walden University in the city of Minneapolis to US counterpart Adtalem Global Education for nearly US$1.5 billion. Simpson Thacher and\u00a0Jones Day<\/a>\u00a0advised Laureate on that transaction too, along with US firm Faegre Drinker Biddle & Reath LLP.<\/p>\n

Laureate also announced asset divestments in Chile last week. It transferred its controlling stake in several not-for-profit education institutions to Fundaci\u00f3n Educaci\u00f3n y Cultura, a Chilean non-profit organisation responsible for three local universities: Universidad Andr\u00e9s Bello, Universidad de Las \u00c1mericas and Universidad Vi\u00f1a del Mar.<\/p>\n

Besides that transfer, it sold several assets to Fundaci\u00f3n Educaci\u00f3n y Cultura for US$3.6 million, as well as selling Instituto Profesional AIEP, which has several higher education institutions around Chile, to Santiago-based Universidad Andr\u00e9s Bello for US$215 million.<\/p>\n

Jones Day<\/a>\u00a0provided tax advice to Laureate in the Chilean transactions too. Latin Lawyer could not identify other firms involved in those deals.<\/p>\n

Laureate unloaded Latin American assets last year too,\u00a0divesting<\/a>\u00a0its operations in Panama. Despite several sales in Latin America lately, the company still has a presence in Honduras, Mexico and Peru, where it owns several universities.<\/p>\n

Counsel to Laureate Education<\/u><\/b><\/p>\n

Simpson Thacher & Bartlett LLP<\/p>\n

Partners Jakob Rendtorff and Sebastian Tiller in New York<\/p>\n

Jones Day<\/a><\/p>\n

Partner Scott Levine and associate Chris Hanfling in Washington, DC, and partner\u00a0Lou Berger in Amsterdam<\/p>\n

Veirano Advogados<\/a><\/p>\n

Partners Lior Pinsky, Roberto Rudzit Neto, Graziela Pinto Lima and Daniela Anversa, and associates Vitor Rozenthal, Vanessa Fel\u00edcio, Diego Yago, Gabriel Menezes and Beatrice Blanchet<\/p>\n

Demarest Advogados<\/a><\/p>\n

Partners Jose Diaz, Ana Carolina Audi, Paola Pugliese, Daniel Andreoli and Carlo Verona, and associate D\u00e9bora Sejtman Gartner in S\u00e3o Paulo<\/p>\n

Campos Mello Advogados<\/p>\n

Partners Alex Jorge<\/a><\/strong><\/span> and Victor Kampel,<\/a><\/strong><\/span> and associates Marcelo Siqueira, Laura Kurth and Rodrigo Vianna* in S\u00e3o Paulo<\/p>\n

Counsel to Ser Educacional<\/u><\/b><\/p>\n

Milbank<\/p>\n

Partners Tobias Stirnberg and international attorney Guilherme Maranh\u00e3o in S\u00e3o Paulo, partner Francisco Nu\u00f1ez, Scott Golenbock, Max Goodman and Mike Shah, and associates Amy Kletsel, Nam Phan, Christina Skaliks and Mia Cromarty in New York<\/p>\n

Pinheiro Neto Advogados<\/a><\/p>\n

Partners Joamir M\u00fcller Romiti Alves, Guilherme Sampaio Monteiro, Jorge Lopes and Cristianne Saccab Zarzur, and associates Fernando Pacheco Di Francesco, \u00c9lcio Aulicinio Borges, Luiz Felipe Fleury Vaz Guimaraes, Julia Barbosa Campos, Pedro Augusto Asseis, Gl\u00e1ucia Gomes Menato and Carolina Destailleur Bueno in S\u00e3o Paulo<\/p>\n

*Since left the firm<\/p>\n","protected":false},"featured_media":0,"template":"","categories":[1],"tags":[],"class_list":["post-12801","contents","type-contents","status-publish","hentry","category-sem-categoria"],"acf":[],"_links":{"self":[{"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/contents\/12801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/contents"}],"about":[{"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/types\/contents"}],"wp:attachment":[{"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/media?parent=12801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/categories?post=12801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cmalaw.com\/homolog\/wp-json\/wp\/v2\/tags?post=12801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}