Brazil’s Anhanguera raises $494 mln in share sale

* Offering raises 844 mln reais, more than expected

* Majority of proceeds to be used on takeovers

SAO PAULO, Dec 9 (BestGrowthStock) – Anhanguera Educacional
(AEDU3.SA: ), Brazil’s largest publicly traded education company,
sold 844 million reais ($494 million) of stock on Thursday,
raising more than expected to fund takeovers and expansion.

The company sold 23 million new common shares in a primary
offering at 36.7 reais each, according to a securities filing.
Anhanguera had initially filed to sell 20 million new shares,
with the offering rising by as much as 7 million shares to meet
additional investors’ demand.

The company plans to use 84 percent of funds on
acquisitions and the remainder on expansion of existing
branches.

Some 23 companies have raised 148.8 billion reais in
initial public offerings and follow-on stock sales in Brazil so
far this year, with the bulk of the volume coming from the
record-setting 120.2 billion reais Petrobras deal in
September.

Eleven companies have filed to sell shares in the country
in coming months, including six through IPOs.

Itau BBA, the wholesale and investment banking unit of Itau
Unibanco (ITUB4.SA: ) managed the offering, with Banco Santander
Brasil (SANB11.SA: ), Bank of America Merrill Lynch (BAC.N: ), BTG
Pactual [BTG.UL] and Credit Suisse (CSGN.VX: ) also helping to
underwrite the sale, according to the prospectus.

The banks stood to earn about 34 million reais in fees from
the Anhanguera stock sale, or 4 percent of the total offering,
according to the prospectus.

($1=1.71 reais)
(Reporting by Elzio Barreto)

Brazil’s Anhanguera raises $494 mln in share sale