GP Investments exits Brazil's Estácio Participações
SAO PAULO, Sept 20
SAO PAULO, Sept 20 (Reuters) - GP Investments Ltd sold its remaining stake in Brazilian education company Estácio Participações SA, the private equity firm said in a regulatory filing on Friday.
GP Investimentos sold its remaining 22,064,215 Estácio shares on Thursday for 17.61 reais each through the fund GPCP IV. Net proceeds from the sale were $56.5 million.
Brazil's $11 billion-a-year education industry has grown at double-digit percentage rates in recent years as a tight job market demands a skilled labor force with technical knowledge, stronger analytical abilities and language proficiency.
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