Vitru Limited Received Antitrust Approval for its Investment Agreement with Crescera
24 Oktober 2022 - 11:39PM
Vitru Limited, or Vitru (Nasdaq: VTRU), announced today that the
General Superintendence of CADE (Administrative Council for
Economic Defense – Brazilian antitrust authority) has approved,
without any restrictions, the investment agreement with Crescera
Growth Capital Master V Fundo de Investimento em Participações
Multiestratégia and Crescera Growth Capital V Coinvestimento III
Fundo de Investimento em Participações Multiestratégia (“Crescera”
and “Investment Agreement”, respectively). CADE's decision will
only become final after a period of 15 days from its publication in
the Official Gazette of the Union, which occurred today, without
any appeals or recall by the CADE Court, under the terms of the
applicable legislation.
The Closing of the referred transaction is still
subject to the fulfillment of other conditions precedent,
determined upon the execution of the Investment Agreement and is
expected in the fourth quarter of 2022. Crescera has agreed to
subscribe for 3,636,363 new common shares to be issued by Vitru for
a total consideration of R$300 million, equivalent to approximately
US$58.26 million based on an exchange rate of R$5.1490/US$, or
approximately US$16.02 per share.
As previously announced, Vitru has just launched
a rights offering allowing Vitru’s existing shareholders to
subscribe for new common shares at US$16.02 per share, i.e.
approximately the same US$ price to be paid by Crescera for the
common shares it is acquiring pursuant to its investment. The
rights offering is extended to existing shareholders
proportionately, giving each shareholder the right to subscribe for
1 new common share for each 6 common shares held on the record date
of October 21, 2022.
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:
Carlos Henrique Boquimpani de Freitas, Chief Financial and Investor Relations Officer
e-mail: ir@vitru.com.br
website: https://investors.vitru.com.br/
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