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Adtalem Global Education To Sell Brazilian Unit In $465M Deal

Adtalem Global Education To Sell Brazilian Unit In $465M Deal

Adtalem Global Education Inc (NYSE: ATGE) said Monday that it's selling its Brazilian portfolio, Adtalem Educacional do Brasilm, to YDUQS, an education company in the South American country, for $465 million.

The transaction is expected to be close in the first half of fiscal 2021.

The deal is subject to certain terms and conditions, including antitrust approval from Brazil's Administrative Council of Economic Defense.

Adtalem's Brazil assets, which make up all of its business and law segment, contributed $225.8 million in revenue in fiscal year 2019, the company said. 

"We have been on a path to re-position Adtalem as a leading workforce solutions provider, and this transaction further streamlines our enterprise, reduces portfolio risk and complexity and advances exciting opportunities for growth and innovation in our Medical & Healthcare and Financial Services verticals," Lisa Wardell, Adtalem's chairman and CEO, said in a statement.

Adtalem Global Education shares were down 1.21% at $35.85 at the close Friday. The stock has a 52-week high of $36.29 and a 52-week low of $58.80.

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