Arco platform limited (nasdaqgs:arce) completed the acquisition of sistema positivo de ensino ltda from positivo group.

Arco platform limited (nasdaqgs:arce) signed a definitive agreement to acquire sistema positivo de ensino ltda from positivo group for brl 1.7 billion on may 7, 2019. under the terms, arco will pay brl 1.65 billion in cash, with 50% due at the time of closing. the remaining 50% will be deferred over 5 years, with no payment in 2020, 10% paid in each of 2021 and 2022, and 15% paid in each of 2023 and 2024, all adjusted by the certificate deposit interbank (cdi). arco will continue to positively promote the positivo brand for the years to come. the transaction is not subject to any shareholder votes, but is subject to customary closing conditions, including antitrust and other regulatory approvals. the acquisition has been approved by the boards of directors of both arco and positivo. as of august 16, 2019, the superintendent of the brazilian antitrust agency, cade approved the acquisition. once cade's new board is duly composed, a 15-day period starts to count, and if there is no objection, the transaction is formally approved. as of october 23, 2019, the acquisition has received final antitrust approval from cade. the acquisition, which remains subject to other customary closing conditions, is expected to close in the near term. itaÚ bba served as exclusive financial advisor while rodrigo millar de castro guerra, rodrigo roso, josÉ eduardo marretti, marcela tavares de vasconcelos, nicolle da silva zennaro and renata de campos nogueira of lobo de rizzo and barbara rosenberg, camilla paoletti, maria amaral de almeida sampaio and gustavo kastrup of barbosa, mÜssnich, aragÃo served as legal advisor to arco. btg pactual served as exclusive financial advisor and arthur bardawil penteado, elton minasse, luciana costa engelberg, maria eugÊnia novis, mariana meditsch, tatiana machado soares and beatriz medeiros navarro santos of machado meyer served as legal advisor to positivo. arco platform limited (nasdaqgs:arce) completed the acquisition of sistema positivo de ensino ltda from positivo group on november 1, 2019.
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