Vitru Limited Received Antitrust Clearance for its Business Combination with Unicesumar
30 April 2022 - 3:33AM
Vitru Limited, or Vitru (Nasdaq: VTRU), announced that the General
Superintendence of CADE (Administrative Council for Economic
Defense – Brazilian antitrust authority) approved today the
definitive agreement for a business combination under which Vitru,
through its wholly-owned subsidiary Vitru Brasil Empreendimentos,
Participações e Comércio S.A., will own 100% of the total share
capital of CESUMAR – Centro de Ensino Superior de Maringá Ltda, or
“Unicesumar”.
The decision is expected to be published in the
Official Gazette on May 2, 2022. According to Law No. 12,529/2011,
there is an additional 15-day waiting period for CADE's decision to
become final. During this period, commissioners may request to
further review the case.
Once the waiting period expires and to the
extent no review is requested, the business combination can close
and we will begin to integrate the activities of Unicesumar with
Vitru.
According to the latest INEP higher education
census released in March 2022 by the Brazilian Ministry of
Education (Ministério da Educação), or MEC, Uniasselvi and
Unicesumar were respectively the #1 and #3 fastest-growing
institutions in the Brazilian private digital education market,
between 2016 and 2020.
“Since the initial announcement of the
transaction, we have been planning the integration process (to the
extent permitted by Brazilian antitrust law) and with the passage
of time, we have become more and more confident about the values
and beliefs in the power of high-quality education in the lives of
our students shared by Vitru and Unicesumar”, said Pedro Graça, CEO
of Vitru Limited.
Vitru will update the market on the next
milestones: (i) the date when CADE’s decision becomes effective;
(ii) the expected closing date; and (iii) a conference call to
provide additional information regarding the integration
process.
About Vitru
Vitru is the leading pure distance learning
education group in the postsecondary distance learning market in
Brazil. Through its invested companies, Vitru provides a complete
pedagogical ecosystem focused on hybrid distance
learning experience for undergraduates and continuing
education students.
Vitru’s mission is to democratize access to
education in Brazil through a digital ecosystem and empower every
student to create their own successful story.
Forward Looking Statements
This press release includes “forward-looking
statements” within the meaning of the U.S. federal securities laws.
Statements contained herein that are not clearly historical in
nature are forward-looking, and the words “anticipate,” “believe,”
“continues,” “expect,” “estimate,” “intend,” “project” and similar
expressions and future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” “may,” or similar
expressions are generally intended to identify forward-looking
statements. These forward-looking statements speak only as of the
date hereof and are based on Vitru’s current plans, estimates of
future events, expectations and trends that affect or may affect
our business, financial condition, results of operations, cash
flow, liquidity, prospects and the trading price of Vitru’s common
shares, and are subject to several known and unknown uncertainties
and risks, many of which are beyond Vitru’s control. As a
consequence, current plans, anticipated actions and future
financial position and results of operations may differ
significantly from those expressed in any forward-looking
statements in this press release. You are cautioned not to unduly
rely on such forward-looking statements when evaluating the
information presented. Vitru does not undertake any obligation to
update publicly or to revise any forward-looking statements after
we distribute this press release because of new information, future
events, or other factors.
Contact:
Maria Carolina F. Gonçalves, IRO
e-mail: ir@vitru.com.br
website: https://investors.vitru.com.br/
Vitru (NASDAQ:VTRU)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Vitru (NASDAQ:VTRU)
Historical Stock Chart
Von Jul 2023 bis Jul 2024