Laureate Education to sell UniNorte to Ser Educacional for $49.9M
Laureate Education has entered into an agreement with Ser Educacional for the sale of Laureate's UniNorte, a higher education institution in Manaus, Brazil. Founded in 1994, UniNorte joined the Laureate International Universities network in 2008 leading to the implementation of an academic structure. Currently, UniNorte has three campus locations in Manaus and serves over 25,000 students, with 1,000 employees. The transaction enterprise value is approximately $49.9M, which includes the assumption of net debt in the amount of approximately $2.5M and should be completed after a review by the Administrative Council for Economic Defense. Until the final decision by the regulatory body, UniNorte will remain part of the Laureate Brazil network and will continue to maintain its commitment to provide quality and affordable education to its students.