Laureate Education to Transfer Control of its Operations in Honduras
Laureate Education (NASDAQ: LAUR) has entered into a definitive agreement with Fundación Nasser to transfer control of Fundaempresa, which oversees its operations in Honduras, including Universidad Tecnológica Centroamericana (UNITEC) and Centro Universitario Tecnológico (CEUTEC). Both institutions serve over 23,000 students across various programs. The transaction, expected to close in H1 2021, is contingent on regulatory approval. Fundación Nasser aims to continue the mission of enhancing higher education accessibility in Honduras, aligning with Laureate's values and objectives.
- Transfer of control to Fundación Nasser may enhance operational focus and educational quality at UNITEC and CEUTEC.
- Fundación Nasser's extensive experience in education and social development could benefit the institutions and their students.
- The transaction is subject to regulatory approval, which introduces uncertainty and potential delays.
- Any failure to satisfy closing conditions may prevent the completion of the transfer.
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).
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, plans or intentions. Any statement that we make relating to the closing of the planned transaction described herein is a forward-looking statement. Forward-looking statements are based on Laureate’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. These uncertainties, risks and changes in circumstances include the risks and uncertainties inherent in the transaction contemplated by the agreement and in our business, including, without limitation: the occurrence of any event, change or other circumstances that could give rise to the termination of such transaction; the risk that the conditions to the closing are not satisfied; and the risk that such transaction will not be consummated within the expected time period or at all. Other important factors that could cause actual results to differ materially from Laureate’s expectations are set forth under the caption “Risk Factors” in Laureate’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in Laureate’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Laureate is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
About Laureate Education, Inc.
At Laureate Education, Inc., we understand the transformative power of education. For more than 20 years, we have remained committed to making a positive impact in the communities we serve, by providing accessible, high-quality undergraduate, graduate and specialized degree programs. We know that when our students succeed, countries prosper and societies benefit. Our longstanding commitment to operating with purpose is evidenced by our status as one of the world’s largest Certified B Corporations® and being the first Public Benefit Corporation publicly listed on any stock exchange in the world.
Investor Relations Contact:
ir@laureate.net
Media Contact:
Adam Smith
Laureate Education, Inc.
adam.smith@laureate.net
U.S.: +1 (443) 255 0724
FAQ
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