June 14, 2018 / 12:47 PM / a year ago

Brazil's Kroton files for primary education unit to raise debt

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)

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