Estacio Plans Follow-on

Brazil’s Estacio plans to raise BRL623m ($294m) through an equity follow-on, it says. The education company plans to offer primary shares, as well as secondary shares sold by Private Equity Partners. It does not indicate the timing of the sale, which still must get the initial OK from regulators. Estacio is raising funds for acquisitions and organic expansion. It has hired Bank of America Merrill Lynch, Credit Suisse and Itau for the transaction. Estacio, which IPOed in 2007, last visited the equity markets for a BRL685m all-secondary share follow-on in 2010.