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Brazil's Positivo mulls spin-off, IPO of education unit -report
April 11, 2013 / 12:05 PM / in 5 years

Brazil's Positivo mulls spin-off, IPO of education unit -report

* Valor says options for education unit being analyzed

* Positivo aborted sale of unit over printing division

* Spokesmen at Positivo not available for comment

SAO PAULO, April 11 (Reuters) - Grupo Positivo, which controls the largest Brazilian computer maker, is considering an initial public offering or a spin-off of its education unit, which comprises learning systems, printing and colleges businesses, Valor Econômico reported on Thursday.

According to Valor, which did not say how it obtained the information, Grupo Positivo’s education unit has revenue close to 1 billion reais ($505 million) annually. Calls made to the public relations firm managing media affairs for the Curitiba, Brazil-based company were not immediately answered.

Hélio Rotemberg, Positivo’s chief executive officer, told Valor that “we are currently conducting studies to gauge the impact of listing” the unit. Asked whether Positivo could sell the education business, he said that “if someone asks you to sell something, you, automatically - if you are a businessman - want to wonder how much that person could bid for it.”

The plans underscore the encouraging outlook for Brazil’s education companies, some of which are among the best-performing stocks in the country despite an across-the-board rout. President Dilma Rousseff’s vow to work closely with private companies to boost education coverage and quality is seen as a bullish sign despite growing state involvement in the economy.

Grupo Positivo, which is known in Brazil more for controlling laptop and consumer electronics producer Positivo Informática SA, tried to sell its education unit but disagreements over the printing division - which is seen as unattractive profit-wise - with potential bidders dragged on the process, Valor said.

Positivo Informática had 2.4 billion reais in revenue last year. The unit was listed in 2006.

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