FLORIANÓPOLIS, Brazil, April 29, 2022 (GLOBE NEWSWIRE) — Vitru Limited, or Vitru (Nasdaq: VTRU), announced that the General Superintendence of CADE (Administrative Council for Economic Defense – Brazilian Antitrust Authority) today approved the definitive agreement for a business combination under which Vitru, through its wholly-owned subsidiary Vitru Brasil Empreendimentos, Participações e Comércio SA, will hold 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. In accordance with Law No. 12,529/2011, there is an additional 15-day waiting period for the CADE decision to become final. During this period, the commissioners can ask to reconsider the file.
Once the waiting period has expired and provided no review is requested, the business combination may be closed and we will begin to integrate Unicesumar’s business with Vitru.
According to the latest INEP Higher Education Census published in March 2022 by the Brazilian Ministry of Education (Ministry of Education), 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 planned the integration process (to the extent permitted by Brazilian antitrust law) and over time we have grown increasingly confident in the values and beliefs in the power of the high – quality education in the lives of our students shared by Vitru and Unicesumar,” said Pedro Graça, CEO of Vitru Limited.
Vitru will inform the market of the next steps: (i) the date on which the CADE decision will come into effect; (ii) the expected closing date; and (iii) a conference call to provide additional information regarding the onboarding process.
Vitru is the leading pure distance education group in the post-secondary distance education market in Brazil. Through its invested companies, Vitru provides a comprehensive educational ecosystem focused on the 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 success story.
This press release contains “forward-looking statements” within the meaning of the United States federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “continue”, “expect”, “estimate”, “intend to ”, “project” and similar and future expressions or conditional verbs such as “will”, “would”, “should”, “could”, “could”, “may”, “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, our cash flows, liquidity, prospects and the market price of Vitru’s common stock and are subject to a number of known and unknown risks and uncertainties, many of which are beyond Vitru’s control. Accordingly, current plans, anticipated actions, financial condition and future results of operations may differ materially from those expressed in the forward-looking statements in this press release. You are cautioned not to place undue reliance on these forward-looking statements when evaluating the information presented. Vitru undertakes no obligation to publicly update or revise any forward-looking statements after the issuance of this press release as a result of new information, future events or other factors.