Brazil's Vitru hires advisers, local media reports possible sale
Rewrites with filing from Vitru
SAO PAULO, Sept 24 (Reuters) -Brazilian education firm Vitru VTRU3.SA has hired banks UBS BB and Itau BBA to act as advisers for "potential opportunities," it said on Tuesday, after local media reported it had been looking for a buyer or firm interested in merging their businesses.
In a filing to Brazil's stock exchange, Vitru did not give extra details on what these "opportunities" might be, saying only that no agreement had been signed.
Newspaper Valor Economico reported earlier on Tuesday that Vitru, which has a focus on distance learning in higher education, had hired the two investment banks to seek a sale or merger.
It said that local college firms Cruzeiro do Sul CSED3.SA and Yduqs YDUQ3.SA were in talks with Vitru for a deal, adding the former was looking to merge, while the latter would be interested in an acquisition.
Cruzeiro do Sul and Yduqs declined to comment.
Earlier this year, Vitru concluded a migration of its listed shares to Brazil after an initial public offering on Nasdaq in 2020.
Reporting by Andre Romani; Editing by Kylie Madry and Neil Fullick
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
