(Reuters) – Singapore sovereign wealth fund GIC said on Friday it has acquired an 18.5 percent stake in Brazilian education services company Abril Educacao SA.
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 $265 million.
Funds managed by Brazilian buyout firm Tarpon Investimentos <SA TRPN3.SA> 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.