Laureate Education Enters into Definitive Agreement with Ânima Holding S.A. for Sale of its Brazilian Operations for Approximately R$4.6 Billion

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[{"type":"text","content":"Settles Legal Proceedings with Ser Educacional S.A.\nBALTIMORE, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) announced today that it has entered into a definitive agreement with Ânima Holding S.A. (B3: ANIM3) for the sale of its Brazilian operations.\n The transaction value is R$4.6 billion. Net of the termination fee payable to Ser Educacional S.A. (B3: SEER3) to be borne by Ânima, the transaction value is approximately R$4.4 billion (US$765 million at the current exchange rate), including R$3.8 billion in cash consideration, which is subject to certain adjustments, and the assumption of net indebtedness. Under the agreement with Ânima, the Company will be entitled to receive up to R$203 million in additional cash consideration if certain metrics are achieved following the closing. The Company and Ser have agreed to terminate their previously announced transaction agreement and settle all legal proceedings related to such agreement. Ser and Ânima have agreed that Ânima will bear the R$180 million termination fee that the Company owes Ser in connection with the termination of the transaction agreement. Ânima is one of the largest private higher education organizations in Brazil, with around 140,000 students in the states of São Paulo, Minas Gerais, Goiás, Santa Catarina, Paraná, Bahia and Sergipe. Ânima’s mission is to build a national network of educational institutions committed to quality, innovation and assessment of the learning process and integrated with the regional culture. Commenting on the transaction, President and Chief Executive Officer of the Company, Eilif Serck-Hanssen, said, “This strong outcome serves all of our stakeholders well. We are confident that our Brazilian institutions will thrive under Ânima’s ownership.” The transaction is subject to certain closing conditions, including receipt of regulatory approval and approval by shareholders of Ânima. The transaction is targeted to close by the end of the second quarter of 2021. Forward-Looking Statements This press release includes certain disclosures that contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they often contain words such as “will”, “intend”, “subject to,” “expect” or similar expression...

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