Brazil’s Abril Educacao is seeking to raise $354 million in a stock offering, Reuters reports, citing Valor Economico. The company, which is a part of Sao Paulo-based media group Abril, expects to close the offer price on July 21, 2011.
The sale proceeds will be used for acquisitions, amortization of debt and opening of new installations. The stock will be sold as unit shares, each representing one common voting share and two nonvoting preferential shares of Abril Educacao. Members of Sao Paulo’s Civita family and Abrilpar, which controls Abril Educacao, as well as shareholders BR Educational and FIP Brasil de Governanca Corporativa may sell Abril Educacao shares in the secondary offering.
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