Laureate Education announces agreement for sale of Universidad Interamericana de Panama

Published Tuesday, July 30, 2019

By the A.M. Costa Rica wire services

On July 26th, Laureate Education, Inc. announced that is has entered into an agreement with Universal Knowledge Systems Inc. and Global Education Services Inc. for the sale of Laureate’s Universidad Interamericana de Panamá (UIP), a higher education institution in the Republic of Panama.

Laureate Education, Inc. introduces itself as the largest international network of degree-granting higher education institutions, with more than 850,000 students enrolled at over 25 institutions and more than 150 campuses, which they collectively refer to as the Laureate International Universities network.

In Costa Rica, the Universidad Latina de Costa Rica and Universidad Americana were listed as part of the Laureate network in its web site here.*

According to Laureate Education Inc, the UIP, founded in 1994, joined the Laureate International Universities network in 2008 and now serves more than 14,300 students enrolled in undergraduate, graduate, and technical degree programs in a variety of academic disciplines, including health sciences, business, communications, engineering and information technology, law, and tourism and hospitality management.

Commenting on the transaction, Eilif Serck-Hanssen, Chief Executive Officer of Laureate, said, “I am proud of UIP and their accomplishments over their years as part of the Laureate network. Together, we have shared a journey of growth and innovation in the benefit of their students. I believe that under the stewardship of Universal Knowledge Systems Inc. and Global Education Services Inc., they will be well-positioned and supported to continue delivering strong outcomes and high student satisfaction.”

The transaction value is $86.75 million, which includes the sale of certain campus real estate, and is subject to customary adjustments at closing. UIP will remain part of the Laureate International Universities network until the transaction is approved by Panamanian governmental authorities, said the Laureate Education Inc. in its statement.

Itaú acted as financial advisor to Laureate Education, Inc. and Holland & Knight served as the company’s transaction counsel with advice from Icaza, González-Ruiz & Alemán and Alfaro, Ferrer & Ramirez.

More information on the Laureate announcement can be found at the Globe News Wire site here*

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