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2 months ago
Brazilian businessman buys stake in language training chain for $64 million
May 15, 2017 / 8:10 PM / 2 months ago

Brazilian businessman buys stake in language training chain for $64 million

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SAO PAULO (Reuters) - Brazilian businessman Carlos Wizard Martins bought a 35-percent stake in English language training school chain Wise-Up for 200 million reais (49.87 million pounds), the company said in a statement on Monday.

With the acquisition, Martins returns to Brazil's education sector after selling a language education chain he founded to Britain's Pearson Plc (PSON.L) three years ago, for 2 billion reais.

Since then, Martins acquired Brazilian health foods store chain Mundo Verde Ltda for an undisclosed value.

Wise-Up, which is controlled by Brazilian entrepreneur Flávio Augusto da Silva, operates 250 foreign language schools in Brazil and expects to reach 320 units by year-end.

Reporting by Tatiana Bautzer; Editing by Christian Plumb and Sandra Maler

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