Vitru Announces Price Adjustment of its Business Combination with UniCesumar
23 Noviembre 2022 - 3:55PM
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$73.1
million. This reduction is part of the purchase price adjustment
mechanism agreed upon by Vitru and the Sellers in the Quota
Purchase Agreement relating to the UniCesumar business combination,
signed by the parties on August 23, 2021, and is related to certain
variations in the balance sheet of UniCesumar until the closing of
the business combination on May 20, 2022. In addition, Vitru and
the Sellers also agreed that the portion of the purchase price to
be paid in cash 12 months after closing will be paid 24 months
after closing (i.e., by May 20, 2024).
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$73.1
million.
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 Officere-mail:
ir@vitru.com.brwebsite: https://investors.vitru.com.br/
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