BRASILIA, June 14 (Reuters) - Brazil education company Kroton Educacional SA requested regulatory permission for its Saber subsidiary to issue local debt to finance the purchase of Somos Educacao SA and other acquisitions, according to a securities filing on Thursday.
Kroton, Brazil’s largest for-profit college operator, in April agreed to buy a controlling stake in Somos for 4.6 billion reais ($1.25 billion). Kroton created Saber to hold its basic education operations.
In December, Kroton’s Chief Executive Rodrigo Galindo said the company would use debt to fund the Somos deal. ($1 = 3.6897 reais) (Reporting by Jake Spring)