SAO PAULO, May 3 (Reuters) - Brazilian learning systems company Arco Educação is expected to file for an initial public offering in the United States, one source with knowledge of the matter said on Thursday.
Arco Educação, a for-profit education company, is a holding company that owns SAS Plataforma de Educação, which was founded in 2004. Arco’s learning systems are sold to 1,300 schools with 415,000 students.
The company has not yet decided whether to list on the New York Stock Exchange or on Nasdaq, the source said.
Arco is in talks with investment banks Goldman Sachs & Co., Morgan Stanley, Bank of America Merrill Lynch and Itaú BBA SA to manage the offering, the source said.
Investment firm General Atlantic LLC has a 26 percent stake in the company, which also has among its shareholders SAS founding family Sá Cavalcante. Shareholders have decided to list in the United States rather than in Brazil because part of its learnings systems are delivered electronically and Arco would like to access technology investors, the source said.
Brazilian newspaper Valor Econômico first reported that Arco was eyeing an IPO in New York. The company and the banks did not immediately comment on the matter. (Reporting by Carolina Mandl Editing by Bill Trott)