October 15, 2019 / 4:36 PM / a month ago

UPDATE 2-Brazil's Yduqs in exclusive talks to acquire Adtalem business in the country -sources

(Adds analyst report, updates share prices, paragraphs 3-7)

By Tatiana Bautzer

SAO PAULO, Oct 15 (Reuters) - Brazilian for-profit education company Yduqs, formerly known as Estacio Participações , is in exclusive talks to acquire assets owned by Adtalem Global Education Inc, two sources with knowledge of the matter said on Tuesday.

Reuters reported in August that Adtalem had put its assets in Brazil up for sale, including flagship university Ibmec, and expected to fetch at least 2 billion reais ($482 million).

Adtalem and Yduqs did not comment on the matter.

Analysts at Itau BBA point out in a report to clients that if the price is 2 billion reais, the deal is “accretive to YDUQs shareholders”, with a lower price per student than YDUQ share price implies.

Adtalem shares were up 1.5%, at $36.49. YUDQ common shares were up 2% in afternoon trading in Sao Paulo, at 37.97 reais.

Adtalem runs 15 schools in Brazil under three brands, with nearly 82,000 students: Wyden Educational, Ibmec and Damasio.

Last year, Adtalem sold U.S. schools DeVry University, Keller Graduate School of Management and Carrington College, while keeping medical and healthcare schools it owns in the United States. ($1 = 3.9610 reais) (Reporting by Tatiana Bautzer; additional reporting by Paula Laier Editing by Chizu Nomiyama, Chris Reese and David Gregorio)

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