Banco Bradesco Stock- Brazilian education firm Cogna to raise up to $645 mln in share offering
SAO PAULO, Feb 1 (Reuters) – Brazilian for-profit education company Cogna Educacao SA may raise up to 2.7 billion reais ($645.5 million) with a share offering expected to price on Feb. 11, the company said in a securities filing late on Friday.
The offering was approved in a board meeting on Friday. Cogna said it has hired the investment banking units of Itau Unibanco Holding SA, Banco BTG Pactual SA, Morgan Stanley, Banco Bradesco SA, Credit Suisse Group AG, JPMorgan Chase & Co and Banco Santander Brasil SA to manage the offering.
Considering Friday’s closing price of Cogna shares, 11.62 reais, the company may raise up to 2.7 billion reais with the offering if all over-allotments are sold.
Cogna will use the proceeds to fund potential acquisitions, the filing said. ($1 = 4.1826 reais) (Reporting by Tatiana Bautzer Editing by Sonya Hepinstall)