Abril Picks Up English School

Abril Educacao, the education arm of Brazilian media conglomerate Grupo Abril, has acquired Brazilian English school Wise Up, it says, for BRL877m ($445m). The amount, subject to final adjustments, is to be paid in installments. Abril will pay BRL221m immediately, and BRL133m in year four and BRL133m in year five, acquiring 56.7% of Wise Up. This will be funded using a BRL280m 5-year revolver. The remaining 43.3% is to be paid through the issuance of 8.1m units of Abril, implying a BRL48.15 per unit price. The units closed at BRL48.00 each Friday. BTG Pactual is heard advising the target. Abril officials were unable to be reached for additional comment on the deal. Founded in 1995, Wise up has 338 franchise schools throughout Brazil.