Laureate Education Inc. said June 3 that it has completed the previously announced sale of its universities in Spain and Portugal to U.K.-based private equity firm Permira Holdings Ltd. for $908 million.

The institutions included in the sale are Universidad Europea de Madrid, Universidad Europea de Valencia and Universidad Europea de Canarias in Spain as well as Universidade Europeia and Instituto Português de Administração de Marketing in Portugal.

The Baltimore-based higher education network intends to use the net proceeds to repay debt, including full repayment of the remaining balance outstanding under its 2024 term loan.

Commenting on the closing, Laureate Education CEO Eilif Serck-Hanssen said in a statement: "We continue to make strong progress on the simplification of our portfolio. Of the $1.5 billion in asset sales proceeds expected in 2019, we have already collected $1.3 billion year-to-date, allowing us to significantly reduce our debt levels and improve our financial profile."

Goldman Sachs & Co. Inc. acted as exclusive financial adviser to Laureate Education, while Allen & Overy acted as legal adviser. Linklaters acted as legal advisers to Permira, while Barclays acted as financial adviser.