Brazil’s Kroton buys controlling stake in rival Somos…

BRASILIA, April 23 (Reuters) – Brazil’s biggest for-profit education company, Kroton Educacional SA, has agreed to buy a controlling stake in rival Somos Educação SA for 4.6 billion reais ($1.34 billion), according to a securities filing on Monday.

Kroton agreed to pay 23.75 reais ($6.96) per share to buy about 192 million shares from Somos’ owner, Tarpon Investimentos SA. The offer implies a 66 percent premium over Somos’ closing price of 14.30 reais on Friday.

Somos said the Kroton offer aims to delist the company.

Brazilian buyout firm Tarpon, has been facing losses with its stake in poultry exporter BRF SA. ($1 = 3.43 reais) (Reporting by Tatiana Bautzer and Jake Spring Editing by Jeffrey Benkoe)

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