Kroton Swallows Rival

Kroton Educacional has agreed to acquire educational operator Grupo Uniasselvi for BRL510 ($257m), it says, as it continues expansion. In the deal done through Kroton’s Editora e Distribuidora Educacional subsidiary, the higher education operator is to pay BRL335m immediately, and the remainder in 3 installments over the next 6 years. Uniasselvi, operating in Brazil’s southern states, is expected to book BRL260m in revenue in 2013, Kroton says. Kroton did not use an outside advisor, a company official says.