October 25, 2019 / 12:34 AM / 2 months ago

Education company Arco and shareholders raise $331 mln in share offer -sources

SAO PAULO (Reuters) - Brazilian educational software firm Arco Platform Ltd priced its shares in a follow-on at $43 each, said two sources with knowledge of the matter, who declined to be identified as the information has not been made public.

Arco and its shareholders, who include private equity firm General Atlantic, raised $331 million reais in the offering, managed by the investment banking units of Goldman Sachs, Morgan Stanley and Itau Unibanco Holding SA.

Shares in Arco closed on Thursday at $44.59.

Arco listed on Nasdaq in Sep. 2018, pricing its shares at $17.50. At the time, Chief Executive Ari de Sá Cavalcanti said it would seek acquisitions, such as rivals and also management tools.

In May, it acquired Sistema Positivo de Ensino, which sells learning systems to 695,000 students, for 1.64 billion reais.

Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Clarence Fernandez

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