Brazilian for-profit education company Estácio Participações SA agreed on Tuesday to buy Instituto de Estudos Superiores da Amazônia (Iesam) for 80 million reais ($36 million). In a securities filing, Estácio said Iesam has 4,500 students enrolled in 23 different undergraduate and 18 post-graduation degrees distributed across one campus.
The company plans to pay about 38 million reais through the use of different financial instruments and also by the assumption of an undetermined amount for Iesam's debt. The remaining amount will go to pay for Iesam's premises in Belem, at the mouth of the Amazon River, the filing added.
Estácio is one of the largest companies in Brazil's thriving $11 billion-a-year education industry that has grown at double-digit rates in recent years as a tight job market demands a more skilled and educated labor force. Shares of Estácio fell 0.6 percent to 29.07 reais on Tuesday.
$1 = 2.2015 Reais Reporting by Anthony Boadle; Editing by Lisa Shumaker