Laureate Education To Sell Brazilian Operations To Ânima; Settles Legal Proceedings With Ser

(RTTNews) - Laureate Education Inc. (LAUR) said that it agreed to sell its Brazilian operations to Ânima Holding S.A. The transaction value is R$4.6 billion.

Laureate noted that net of the termination fee payable to Ser Educacional to be borne by Ânima, the transaction value is about R$4.4 billion or US$765 million at the current exchange rate, including R$3.8 billion in cash consideration, and the assumption of net indebtedness.

As per the deal with Ânima, Laureate will be entitled to receive up to R$203 million in additional cash consideration if certain metrics are achieved following the closing.

The transaction is targeted to close by the end of the second quarter of 2021.

Meanwhile, Laureate and Ser have agreed to terminate their transaction agreement and settle all legal proceedings related to such agreement.

Ser and Ânima have agreed that Ânima will bear the R$180 million termination fee that Laureate owes Ser in connection with the termination of the deal.