Laureate Education, Universal Knowledge Systems Inc. and Global Education Services Inc. Enter into Agreement for Sale of Universidad Interamericana de Panamá
BALTIMORE, July 26, 2019 (GLOBE NEWSWIRE) — Laureate Education, Inc. (NASDAQ: LAUR) announced today 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.
Founded in 1994, UIP 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 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.
Itaú acted as financial advisor to Laureate Education, Inc. Holland & Knight served as the Company’s transaction counsel with advice from Icaza, González-Ruiz & Alemán and Alfaro, Ferrer & Ramirez.