RIO DE JANEIRO, Sept 12 (Reuters) - Brazilian private education network Estácio Participações is buying Uniseb for 615.3 million reais ($227.89 million), the latest takeover in Brazil’s thriving education sector, according to a filing on Thursday.
Estácio has acquired 50 percent of the total stock in TCA Investimentos e Participacoes, a private partnership that controls Uniseb, by paying cash and will finish the deal by issuing 17.9 million common shares to TCA shareholders.
Founded in 1999, União dos Cursos Superiores SEB (Uniseb), has 37,800 students on three campuses.
Brazil’s $11 billion-a-year education industry has grown at double-digit rates in recent years as a tight job market demands a skilled labor force with technical knowledge, stronger analytical abilities and language proficiency.
$1 = 2.27 Brazilian reais Reporting by Luciana Bruno; Writing by Caroline Stauffer; Editing by Leslie Adler