Advent to buy Brazil university FSG for undisclosed amount
NEW YORK, March 24 (Reuters) - U.S. private-equity firm Advent International Corp on Tuesday signed an agreement to acquire Faculdade da Serra Gaúcha, a for-profit Brazilian university based in the nation's southernmost state, for an undisclosed amount.
The acquisition of FSG, as the company is known, marks Advent's return to Brazil's education sector. Advent said the purchase is its second foray into the sector after creating Kroton Educacional SA, which is nowadays the world's largest for-profit education company. Advent sold their stake in Kroton in 2013.
The FSG transaction remains subject to the regulatory approval and other requirements and is expected to be finalized by June, the statement said. FSG is based in the city of Caxias do Sul, in the souther state of Rio Grande do Sul.
This is Advent's first deal in 2015.
Advent's acquisition of FSG, which was founded by two professors in 1999, comes after shares of education companies slumped in the wake of a government decision to limit subsidies and student loan programs amid the widest budget deficit in more than a decade.
Shares of Kroton are down 31 percent so far this year. (Reporting by Guillermo Parra-Bernal)
© Thomson Reuters 2017 All rights reserved.