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Adtalem Global Education to off-load Brazilian unit for $465M

Adtalem Global Education Inc. on Oct. 21 agreed to sell its Brazilian portfolio, Adtalem Educacional do Brasil, to fellow educational group YDUQS in a deal valued at 1.92 billion reais, or about $465 million.

The assets, which comprise the IBMEC, Damásio and Wyden business and law brands, contributed $225.8 million in revenue in fiscal 2019.

"We have been on a path to re-position Adtalem as a leading workforce solutions provider, and this transaction further streamlines our enterprise, reduces portfolio risk and complexity and advances exciting opportunities for growth and innovation in our medical & healthcare and financial services verticals," said Lisa Wardell, Adtalem chairman and CEO.

Adtalem expects to complete the deal in the first half of fiscal 2021, subject to closing conditions and antitrust approval from Brazil's Administrative Council of Economic Defense.

Shares of Adtalem closed Oct. 21 up 1.1% at $36.25.

As of Oct. 21, US$1 was equivalent to 4.14 reais.