Brazil: Kroton buys rival Somos for US$1.3 bn

Kroton, the largest educational company in the country, has approved the purchase and takeover of its rival, Somos Educação SA, in a transaction valued at approximately US $ 1,300 million (BR $ 4,600 million).

The operation would grant Kroton 73.35% of the control over its former rival, with the remaining remaining with the owners of Somos, Tarpon INvestimentos SA. It is thought that Kroton is analyzing the possibility of withdrawing Somos from the stock market.

Kroton is making an aggressive expansion towards the primary education market, acquiring the Leonardo Da Vinci Educational Center at the beginning of this month, and including plans for the offering of 180 undergraduate programs in 2018.

Full Content: Reuters

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