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Kroton Declines After $699 Million Acquisition of Unopar

Kroton Educacional SA, Brazil’s No. 2 operator of schools and colleges by market value, fell the most in four months after announcing the acquisition of Uniao Norte do Parana de Ensino Ltda. for 1.3 billion reais ($699 million) in cash and stock.

The stock fell 7.2 percent to 18 reais at 11:42 a.m. in Sao Paulo, the biggest decline since Aug. 8. The Bovespa benchmark stock index gained 0.4 percent.

Kroton plans to raise as much as 600 million reais by selling up to 240 million new shares for 2.50 reais each to help pay for the acquisition, according to a Brazilian regulatory filing today. The company, based in Belo Horizonte, plans to borrow 550 million reais from Banco Bradesco SA. Kroton will pay for 80 percent of Unopar, as the acquired company is known, in cash and the rest in stock.

Unopar is Brazil’s largest distance-learning education institution and adds 162,000 students, according to Kroton. The acquisition is Kroton’s biggest of four since July 2011. Last month, Kroton bought Uniao Sorrisense de Educacao Ltda. for 5.4 million reais plus debt. Unopar has no debt, Kroton said.

Kroton will seek approval from shareholders next year to list its shares on BM&FBovespa’s Novo Mercado stock exchange, according to the filing today.

Kroton declined 11 percent this year before today. Anhanguera Educacional Participacoes SA, the largest in the industry, lost 49 percent in the period.

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