Vitru Educação, controller of Uniasselvi, an institution that was born in Indaial, announced this Tuesday (24) the purchase of Unicesumar, its competitor in the distance higher education market. The operation, the result of a business combination, is valued at R$ 3.2 billion, a figure that corresponds to Unicesumar’s business value.
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The operation involves the acquisition of 100% of the share capital of Unicesumar, informed Vitru in a statement to the market. With 30 years in the market, Unicesumar was founded in Maringá (PR), has around 330 thousand students, according to data updated up to March, and has annual net income of around R$ 760 million.
According to the agreement signed between the parties, 62.9% of Unicesumar’s equity value (R$ 3.15 billion) will be paid in cash and another 19.4% will be paid with the issuance of new shares of Vitru. As a result, Unicesumar’s current shareholders will hold 23.6% of Vitru’s capital. The remaining 17.7% will be paid in cash 12 months after closing, adjusted by the Broad Consumer Price Index (IPCA).
The agreement also provides for additional payments in relation to non-competition obligations entered into with executives from the Matos family, who runs Unicesumar. In addition, Vitru will assume a net debt of R$ 78 million from the merged company. The buyer also informed that it has contracted credit lines from Brazilian banks in the total amount of R$ 1.95 billion, in a five-year financing, to complete the transaction.
The business combination, which still depends on the approval of control bodies, should consolidate Vitru as the largest digital education company in Brazil.
– This agreement is a transforming business for us, consolidating Vitru (through Uniasselvi and now Unicesumar) as what we believe to be the best and fastest growing digital education player in Brazil. It also allows us to enter medical education, a resilient and highly profitable segment – highlighted Pedro Graça, CEO of Vitru, in the statement.
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