November 21, 2019 / 7:27 PM / 14 days ago

UPDATE 1-Shares in Brazil's Cogna rise 3% as education company considers IPO of K-12 division

(Updates with new sourcing)

SAO PAULO, Nov 21 (Reuters) - Shares in Brazilian education company Cogna rose up to 5.9% and were up around 3% in late afternoon trading on reports of an initial public offering of its K-12 division, known as Vasta Educação in the United States.

Cogna is considering the listing of the division, one source with knowledge of the matter said, and has already hired banks to manage it. The source asked for anonymity to disclose private talks.

Investment banking units of Goldman Sachs & Co, Morgan Stanley, Bank of America and Itau Unibanco Holding SA have been hired to manage the offering, according to the report.

Brazilian financial blog Brazil Journal reported the transaction earlier on Thursday and said Cogna seeks a valuation of roughly 8 billion reais ($1.90 billion) for VASTA, sending shares up 3%.

Cogna wants to list its K-12 division following the steps of other Brazilian education companies such as Arco Platform Ltd and Afya , that listed their shares in the U.S.

Cogna did not immediately comment on the matter.

$1 = 4.2125 reais Reporting by Carolina Mandl Editing by Chizu Nomiyama

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