September 12, 2017 / 11:14 PM / 10 months ago

Brazil's Ser Educacional seeks to raise up to 400 mln reais

RIO DE JANEIRO, Sept 12 (Reuters) - Ser Educacional SA, Brazil’s No. 3 listed college operator said on Tuesday it plans to raise up to 400 million reais ($128.00 million) to help finance a potential acquisition of a rival, amid mounting antitrust scrutiny of the industry.

Ser said it signed an exclusivity agreement to buy a majority stake in another education company.

The company said the talks were preliminary and does not expect them to conclude this year. To raise a minimum of 236.5 million reais, the company would issue between 8.2 million and 13.9 million shares at 28.8 reais each in a private placement, Ser said.

Jose Janguie Bezerra Diniz, who has a 70 percent state in Ser’s common shares, decided to sell up to 11.13 percent of the company’s stock, which is equivalent to 13.88 million shares.

In the filing, Ser said the brazilian unit of Credit Suisse AG will be an investor in the share offering. ($1 = 3.1250 reais) (Reporting by Alexandra Alper)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below