Singapore's GIC backs Brazilian education provider
Singapore sovereign wealth fund GIC Private has acquired an 18.5% stake in Brazilian education company Abril Educação.
Financial details of the deal were not disclosed but the stake is estimated to be worth around $265 million, based on the firm's latest share price.
Listed on the BM&F Bovespa stock exchange, Abril claims to be a leading player in the Brazilian K-12 education market. Its diversified portfolio of products and services include learning systems, textbooks, prep courses and language schools.
The company reported sales revenues of BRL543 million ($239 million) for the first half of 2014, compared with BRL389 million for same period last year. However, profit fell to BRL19.5 million from BRL29.1 million.
GIC has stepped up its presence in Latin America, opening an office in Brazil earlier this year. In May it took a stake in Brazilian online sports goods retailer Netshoes for $170 million.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.