The Cesumar University Center (UniCesumar), headquartered in Maringá, in northern Paraná, was sold to Vitru Educação, which controls Uniasselvi. A definitive agreement provides for the payment of more than R$ 3 billion for the complete acquisition of UniCesumar.
The agreement was confirmed by Vitru in the late afternoon of Monday (23).
UniCesumar was founded in Maringá in the 1990s. Since then, the university center has expanded its business, creating on-site teaching units in other cities in Paraná, such as Ponta Grossa and Curitiba.
Furthermore, the educational institution has become one of the leaders in distance learning across the country.
Currently, more than 300,000 students are enrolled at UniCesumar, between distance and on-site teaching.
Vitru reported that UniCesumar recorded net revenue of R$762 million between April 2020 and March 2021.
According to the company, 62.9% of the deal will be paid in cash. In addition, the current owners of UniCesumar now hold 23.6% of Vitru’s capital through shares.
The remainder of the investment will be paid one year after closing the contract.
Also, according to Vitru, the company has committed to pay R$ 180 million to the Matos family, who founded UniCesumar, through a non-competition agreement.
The current dean and president of UniCesumar, Wilson Matos, will become vice-president of the board of Vitru. Willian Mattos, who is manager of the institution’s distance learning area, will become co-CEO of the company that signed the agreement.
UniCesumar declined to comment on the agreement.