Vitru Announces Price Adjustment of its Business Combination with UniCesumar
Vitru Limited has announced a purchase price reduction of R$73.1 million for the acquisition of UniCesumar. This adjustment is due to certain balance sheet variations agreed upon in the Quota Purchase Agreement signed on August 23, 2021. Additionally, the cash portion of the purchase price due 12 months after closing will now be paid 24 months after closing, by May 20, 2024. This reduction will further lower the total amount owed to the Sellers related to the acquisition.
- Reduction of purchase price by R$73.1 million improves financial position.
- Extended payment timeline by 12 months allows for better cash management.
- None.
FLORIANÓPOLIS, Brazil, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Vitru Limited (“Vitru”) announces that it has entered into a definitive agreement with the sellers (“Sellers") of CESUMAR – Centro de Ensino Superior de Maringá Ltda (“UniCesumar”) pursuant to which the Sellers have agreed to a purchase price reduction of R
The amount of the purchase price adjustment will be deducted from the portion of the purchase price to be paid by Vitru to the Sellers by May 20, 2024. As a result, the amount owed by Vitru to the Sellers in connection with the acquisition of UniCesumar (Sellers’ financing) has been reduced by R
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/
FAQ
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