Vitru Limited (“Vitru“) announces that it has entered into a definitive agreement with the sellers (“Sellers“) of CESUMAR – Centro de Ensino Superior de Maringá Ltda (“UniCesumar“) pursuant to which the Sellers have agreed to a purchase price reduction of R$73.1 million. This reduction is part of the purchase price adjustment mechanism agreed upon by Vitru and the Sellers in the Quota Purchase Agreement relating to the UniCesumar business combination, signed by the parties on August 23, 2021, and is related to certain variations in the balance sheet of UniCesumar until the closing of the business combination on May 20, 2022. In addition, Vitru and the Sellers also agreed that the portion of the purchase price to be paid in cash 12 months after closing will be paid 24 months after closing (i.e., by May 20, 2024).
The amount of the purchase price adjustment will be deducted from the portion of the purchase price to be paid by Vitru to the Sellers by May 20, 2024. As a result, the amount owed by Vitru to the Sellers in connection with the acquisition of UniCesumar (Sellers’ financing) has been reduced by R$73.1 million.
