Cogna swaps assets with Eleva

Cogna swaps assets with Eleva

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Brazilian private education company Cogna Educação said late Monday that it agreed to trade assets with rival Eleva Educação in a deal that sees it spend a net BRL384 million ($70.6 million) in cash and bonds. Belo Horizonte-based Cogna said it will buy Eleva's learning system for BRL580 million and sell 51 K-12 schools for BRL964 million in the same deal. Somos Sistemas de Ensino, owned by Cogna subsidiary Vasta Educação, will pay 16.6 times 2020 EBITDA for the education platform, subject to pr

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