Laureate nets $908M in sale of institutions in Spain, Portugal

Daily Record Staff//June 3, 2019//

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In this Sept. 24, 2013, file photo, freshly-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.(AP Photo/LM Otero, File)

Laureate Education Inc. received net proceeds of roughly $908 million when it closed on the sale of its institutions in Spain and Portugal, the company announced Monday.

The for-profit higher education company headquartered in Baltimore sold the Universidad Europea de Madrid, Universidad Europea de Valencia, Universidad Europea de Canarias, Universidade Europeia in Portugal, and Instituto Português de Administração de Marketing in Portugal, to a company backed by the Permira funds, the company said in a news release.

The company plans to use the money to repay debt, including the outstanding balance on its 2024 term loan.

Eilif Serck-Hanssen, chief executive officer of Laureate, said the company expects to sell institutions worth another $200 million in 2019 to reduce debt.

Tags: Laureate Education Inc.

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