RIO DE JANEIRO, Feb. 18 /PRNewswire-FirstCall/ -- ESTACIO PARTICIPACOES
S.A. ("Estacio" or "Company", Bovespa: ESTC11), announced today in Brazil
that it has closed three deals, through UniRadial, maintained by its
subsidiary IREP Sociedade de Ensino Superior, Medio e Fundamental Ltda.,
for the acquisition of the following post-secondary education institutions,
based in Sao Paulo:
1. Sociedade Interlagos de Educacao e Cultura S/S Ltda., which maintains
the Interlagos College (Faculdade Interlagos), with two campuses and
headquarters in the city of Sao Paulo, with a total of approximately
1,365 students enrolled at the end of 2007. The purchase price that has
been agreed is equivalent to R$4,500 per student duly registered as at
February 29, 2008 ("Cut-Off Date").
2. Sociedade Abaete de Educacao e Cultura Ltda. is a company controlled by
the Instituto Euro-Latino-Americano de Cultura e Tecnologia Ltda.,
which maintains the Europan College (Faculdade Europan), based in the
city of Sao Paulo and with a campus in the town of Cotia, in the state
of Sao Paulo. It had a total of approximately 1,467 students enrolled
at the end of 2007. The purchase price that has been agreed is
equivalent to R$4,500 per student duly registered as at the Cut-Off
3. Faculdade Brasilia de Sao Paulo Ltda., which maintains the Brasilia
College (Faculdade Brasilia), with its headquarters and campus in the
city of Sao Paulo and a total of approximately 660 students enrolled at
the end of 2007. The purchase price that has been agreed is equivalent
to R$3,846 per student duly registered as at the Cut-Off Date.
Based on the terms agreed for the abovementioned transactions, the
Company estimates the total investment to be approximately R$15.3 million.
From this sum are to be deducted the respective debts, amounting to R$4.0
million, which will be assumed by IREP, leaving a balance of around R$11.3
million, to be paid in full on the Cut-Off Date, against the transfer of
title of the respective shares.
Considering the overall investment and the student base at the three
institutions, the average acquisition price is approximately R$4,376 per
registered student at the end of 2007.
SOURCE Estacio Participacoes S.A.