Kroton Adds University for BRL1bn Plus

Kroton Adds University for BRL1bn Plus

Brazil M&A

Brazil’s Kroton Educacional has agreed to acquire Uniao Norte do Parana de Ensino (Unopar) for BRL1.3bn ($701.8m), using a combination of debt and newly issued shares. In the first of a two-phase acquisition, Kroton will buy an initial 80% stake in the university operator with an upfront payment of BRL650m. An additional BRL260m payment will come before March 14, 2012, and a final installment of BRL130m will be paid in a year’s time. Kroton will finance a portion of this with a BRL550m credit li

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