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GAEC Educação SA, the Brazilian education group known as Anima, agreed on Thursday to pay 320 million reais ($145.5 million) in cash to acquire rival university São Judas Tadeo, helping propel the group's expansion in Latin America's largest economy.
Anima will pay a first installment of 256 million reais to be disbursed the day of the deal's settlement, and another of 65 million reais when due diligence is concluded, Anima said in a securities filing.
The deal is subject to regulatory approval. Itaú BBA advised Anima on the transaction, while Singular Partners managed the deal for São Judas.