Laureate Education Inc. announced Monday that it has sold two international for-profit universities in Europe for $908 million, allowing the Baltimore-based company to significantly reduce its debt.
Laureate announced in December that it planned to sell the institutions, in Spain and Portugal, as it continues to focus its efforts in Latin America.
The company plans to use proceeds from the sale to repay indebtedness, including full repayment of the remaining balance outstanding under its 2024 term loan, the company said.
“We continue to make strong progress on the simplification of our portfolio,” said Eilif Serck-Hanssen, Laureate’s CEO, in the announcement.
Laureate expects $1.5 billion in proceeds from asset sales this year and already has collected $1.3 billion so far, allowing Laureate to “significantly reduce our debt levels and improve our financial profile,” Serck-Hanssen said.
Laureate closed on the sale of Monash South Africa in April. It sold University of St. Augustine for Health Sciences in Florida and Stamford International University in Thailand in February. And the company entered into an agreement in April to sell Centro Universitário do Norte in Brazil.
Laureate, an international network of degree-granting higher education institutions, has about 850,000 students enrolled at 25 universities with more than 150 campuses, mainly in Latin America.