Singaporean sovereign wealth fund GIC acquired an 18.5% stake in Brazil-based education company Abril Educacao on Thursday in a deal believed to be valued at close to $265m, based on Abril’s closing share price that day..
Abril Educacao is the second largest magazine publisher in Brazil and also owns a television network, but its core business is education. It publishes educational textbooks and magazines, and provides learning systems, preparatory courses and language schools.
Internet company Naspers aqcuired a 30% stake in the company in 2006 through a $422m investment. In 2011 Abril Educacao went public through a $240m initial piblic offering.
State-backed GIC, which did not disclose the precise amount paid through the deal, joined Naspers and buyout firm Tarpon Investimentos, which purchased a “significant stake” in Abril Educacao in June, as shareholders in the company.