UPDATE 1-Brazil's Tarpon to buy $268 mln stake in Abril Educação

miércoles 4 de junio de 2014 09:47 GYT
 

(Adds details of deal, paragraph 3: background paragraph 5)

SAO PAULO, June 4 (Reuters) - Funds managed by Brazilian buyout firm Tarpon Investimentos SA agreed to buy a stake in education company Abril Educação SA worth 607 million reais ($268 million) from controlling shareholders including the founding Civita family.

Tarpon's funds will pay a 9 percent premium to gain 24.2 percent of Abril's voting shares and the right to name three board members, according to a Wednesday securities filing.

Depending on the performance of Abril's operating profit in 2015 and 2016, the Tarpon funds offered up to 69 million reais in additional payouts.

Thunnus Participações SA, which is held by Tarpon-managed funds, will buy 32.88 million common shares and 19.14 preferred shares from the company's founding Civita family and Abrilpar Participações Ltda for 11.67 reais per share.

The deal values Abril's units, the company's most widely traded class of stock, at 35 reais each, 3 reais above Tuesday's closing price.

In February, Abril hired the investment banking units of Itau Unibanco Holding SA and BTG Pactual to evaluate the possibility of bringing in new investors.

($1 = 2.27 Brazilian reais) (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Lisa Von Ahn and W Simon)