Estacio Announces Acquisitions in Sao Paulo
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 Date. 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.
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