Ser Educacional Signs Acquisition of Maintenance Agreement with Centro Universitario Bennett in Rio de Janeiro
RECIFE, Brazil, March 26, 2015 /PRNewswire/-- Ser Educacional (BM&FBOVESPA SEER3), one of Brazil's largest private education groups and a leader in the Northeast and North Regions in terms of numbers of students enrolled, hereby announces to the market that, through its subsidiary Uniao de Ensino Superior do Para – UNESPA, it entered today into an Onerous Assignment of Maintenance Agreement and other Covenants with the Instituto Metodista Bennett envisaging the assignment of Maintenance of the Centro Universitario Bennett to UNESPA.
The Company believes that the addition of the University Center in the city of Rio de Janeiro is an important step in the Group's expansion in the Southeast of Brazil begun with the acquisition of Universidade Guarulhos – UnG.
The University Center is accredited by the Ministry of Education (MEC) and has a General Course Index (IGC) grade of 3. Additionally, as it is a university center, it has autonomy, allowing the Company to launch new undergraduate and vocational courses, as well as teaching degrees, in Rio de Janeiro, without the need for prior authorization by the MEC, thereby enabling greater flexibility and faster student intake growth.
The Agreement envisages total payment of R$10 million to Metodista Bennett in two installments, the first of which, totaling R$1 million, to be deposited in a UNESPA escrow account in up to 15 days as of signature of the Agreement; and the remainder on the closing of the operation.
The closing of the operation and the effective assignment of the Maintenance of the University Center to UNESPA is subject to compliance with certain conditions precedent, common to this type of transaction, including approval by the Brazilian Antitrust Agency - CADE and approval of the Assignment of Maintenance by the MEC.
In addition, given that the acquisition will take place through a subsidiary of the Company, Management hereby informs its shareholders, the market in general and any other interested parties that Article 256 of Brazilian Corporation Law does not apply to this specific case and, therefore, shareholders will not have withdrawal rights.
Investor Relations Contacts
Rodrigo de Macedo Alves
Geraldo Soares de Oliveira Junior
Tel.: (+55 11) 2769 3223
E-mail: [email protected]
Website: www.sereducacional.com/ri
Media Relations
Silvia Fragoso
(+55 81) 3413-4643
[email protected]
SOURCE Ser Educacional
Share this article