Business
Laureate Education to Transfer Control of its Operations in Honduras
BALTIMORE, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) announced today that it has entered into a definitive agreement with
About this update from Laureate Education, Inc.
[{"type":"text","content":"BALTIMORE, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) announced today that it has entered into a definitive agreement with Fundación Nasser to transfer control of Fundaempresa, which manages Laureate’s operations in Honduras - Universidad Tecnológica Centroamericana (UNITEC), including the operation of Centro Universitario Tecnológico (CEUTEC).\n Fundación Nasser is a not-for-profit foundation with more than 20 years of experience in Honduras, having developed and implemented initiatives focused on education, social development and entrepreneurship in Honduras. UNITEC and CEUTEC collectively enroll more than 23,000 students in technical, undergraduate and postgraduate programs in health, business, communications, engineering and information technology. UNITEC, founded in 1986, is a not-for-profit institution with two campuses managed by Fundaempresa. Founded in 2005, CEUTEC specializes in degree programs for working adults, which are offered across its seven campuses. Commenting on the transaction, President and Chief Executive Officer of Laureate, Eilif Serck-Hanssen, said, “We are proud of what we have achieved in developing these two highly regarded operations. Our UNITEC and CEUTEC teams have contributed significantly to the accessibility of higher education in Honduras, while also fostering social mobility and creating an enduring impact on the lives of their students, and I believe that Fundación Nasser’s shared values with Fundaempresa make it the ideal partner to continue with this progress.” The transaction is subject to certain closing conditions, including regulatory approval. UNITEC and CEUTEC will remain part of the Laureate International Universities network until the closing of the transaction, which is expected to occur in the first half of 2021. Itau is acting as the exclusive financial advisor to Laureate, and Holland & Knight and Melara & Associates are acting as legal advisors. 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 “subject to,” “expect” or similar expressions that concern the planned transaction or Laureate’s strategy, plan...