Fusões &aquisições no mercado de ensino superior privado: os casos dos grupos Fanor / Devry e Universidade Anhembi Morumbi / Laureate

AUTOR(ES)

Marcelo Antunes dos Santos

DATA DE PUBLICAÇÃO

2010

RESUMO

This essay was an attempt to understand the recent corporate phenomena of mergers and acquisitions among the Private Higher Education Institutions in Brazil. Two cases in particular were analyzed: the acquisition of the Anhembi Morumbi University, located in São Paulo, by the American group Laureate Inc. and the acquisition of the Fanor Group, with institutions in the states of Bahia and Ceará, by another American group, Devry Inc. The research performed presents the types, motivations, phases and success factors of these processes. From the results of the research it was verified that between 2005 and the first quarter of 2009, there were 78 of these processes, involving around 2 billion Brazilian reais. The acquisition of the share control of the Anhembi Morumbi University by the American group Laureate Inc. in 2005 is considered the initial landmark in the country for the merger and acquisition processes among Private Higher Education Institutions. It was verified that the Mergers and Acquisitions in the Private Higher Education sector in Brazil are eminently of a horizontal nature, and factors such excess offer (number of vacancies), reduced demand (new students), growth and diversification, synergy, and increased investment capacity, are the main motivations encountered during the research for the formation of consolidating groups. In both cases studied, the Merger and Acquisition process of the Anhembi Morumbi University by Laureate Inc. and of Fanor by Devry Inc. went through three basic phases: due diligence, negotiation and integration. The increased investment capacity that a new shareholder brings, with investments in infrastructure, qualification of the teaching staff, exchange of knowledge and experience between the universities of the group and the support of education consultants made available by the holding groups are the main success factors in the Merger and Acquisition processes analyzed.

ASSUNTO(S)

higher education universidade anhembi morumbi devry inc fanor fanor merger fusão acquisition laureate inc. administracao de empresas laureate inc. devry inc anhembi morumbi university instituição de ensino superior aquisição

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