Ser Educacional in R$538.6 Million Initial Public Offering

October 31, 2013

Cleary Gottlieb represented Ser Educacional, the owner of 23 Brazilian universities and higher education institutions, in the recent R$538.6 million initial public offering of the company’s shares. The offering was comprised of both a public offering on the São Paulo Stock Exchange (BM&FBOVESPA) and an international offering pursuant to Rule 144A and Regulation S, and included both a primary and secondary component. The transaction closed on October 31.

The Brazilian market for private educational services has grown rapidly in recent years, particularly in the northern and northeast regions of Brazil where Ser Educacional operates. The company expects to use the proceeds of the primary offering to fund its continued expansion, both through acquisitions and organic growth. The proceeds of the secondary offering went to the company’s founder and controlling shareholder and to Cartesian Capital Group, a U.S.-based private equity firm.