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Brazil's Itaú private equity unit buys 20 pct stake in education group Wiser -source Added in 4/15/2019
 
SAO PAULO, April 15 (Reuters) - The private equity management unit of Itaú Unibanco Holding SA, Kinea Investimentos, bought a 20 percent stake in education group Wiser Educação, for 200 million reais ($51.73 million), a person familiar with the matter said on Monday.

The deal, which has been negotiated in the past six months and was formally announced earlier on Monday, valued Wiser Educação, which owns foreign language schools, at approximately 1 billion reais ($259 million), the source said.

Both Kinea and Wiser Educação declined to comment beyond the announcement they issued.

The person, who asked for anonymity to disclose private details, said each shareholder sold a 10 percent stake in the company.

Shareholders Flávio Augusto da Silva and Carlos Wizard Martins will receive 65 million reais each in the deal, while the remaining 70 million reais will be invested in the business, the source said.

Source: Reuters


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