Singapore's GIC takes 18.5% stake in Brazil education firm

SINGAPORE (Reuters) - Singapore sovereign wealth fund GIC said on Friday it has acquired an 18.5 per cent stake in Brazilian education services company Abril Educacao.

GIC did not say how much it paid for the stake in Abril, a leading player in Brazil's primary and secondary education market.

Based on Abril's latest closing share price, the stake is worth about US$265 million (S$330 million).

Funds managed by Brazilian buyout firm Tarpon Investimentos in June also took a significant stake in Abril.

GIC has recently stepped up investments in Latin America, recently buying a stake in Brazilian online sports goods retailer Netshoes. It also opened an office in Brazil earlier this year.