April 23, 2018 / 12:27 PM / 5 months ago

Brazil's Kroton buys $1.3 bln controlling stake in rival Somos

BRASILIA, April 23 (Reuters) - Brazil’s biggest for-profit education firm, 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 Tarpon Investimentos SA . Shares in Somos closed on Friday at 14.30 reais.

$1 = 3.43 reais Reporting by Jake Spring

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