Adtalem Global offloads its Brazilian unit
Adtalem Global Education (ATGE +1.1%) agrees to sell its Brazilian portfolio, Adtalem Educacional do Brasil, to YDUQS, for R$1.92B, equivalent to ~$465M
IBMEC, Damásio and Wyden will retain and continue to operate under their current brands.
The divestiture streamlines Adtalem Global’s portfolio and enhances focus on opportunities in Medical & Healthcare and Financial Services markets
The transaction is expected to close by 1H 2021, and ATGE intends to use the sale proceeds for share repurchases and investments.
Adtalem’s Brazil assets, which make up all of Adtalem’s Business & Law segment, contributed $225.8M in revenue in FY 2019.