Vitru, announced that the General Superintendence of CADE (Administrative Council for Economic Defense – Brazilian antitrust authority) approved today the definitive agreement for a business combination under which Vitru, through its wholly-owned subsidiary Vitru Brasil Empreendimentos, Participações e Comércio S.A., will own 100% of the total share capital of CESUMAR – Centro de Ensino Superior de Maringá Ltda, or “Unicesumar”.
The decision is expected to be published in the Official Gazette on May 2, 2022. According to Law No. 12,529/2011, there is an additional 15-day waiting period for CADE’s decision to become final. During this period, commissioners may request to further review the case.
Once the waiting period expires and to the extent no review is requested, the business combination can close and we will begin to integrate the activities of Unicesumar with Vitru.
According to the latest INEP higher education census released in March 2022 by the Brazilian Ministry of Education (Ministério da Educação), or MEC, Uniasselvi and Unicesumar were respectively the #1 and #3 fastest-growing institutions in the Brazilian private digital education market, between 2016 and 2020.
“Since the initial announcement of the transaction, we have been planning the integration process (to the extent permitted by Brazilian antitrust law) and with the passage of time, we have become more and more confident about the values and beliefs in the power of high-quality education in the lives of our students shared by Vitru and Unicesumar”, said Pedro Graça, CEO of Vitru Limited.
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