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Asset management firms The Carlyle Group (Nasdaq: CG) and Vinci Partners have acquired distance learning company Uniasselvi. The target was previously owned by Kroton Educacional, a private education company based in Brazil.

Carlyle and Brazilian firm Vinci Partners financed the deal with several investment vehicles. Carlyle will use funds from its Carlyle South America Buyout Fund, as well as a fund with co-adviser Banco do Brasil. Vinci Partners will finance the deal with its Vinci Capital Partners II fund.

The 1.1 billion reais ($280 million) deal was previously announced in October. Carlyle says the acquisition of Uniasselvi is part of its growth strategy in Brazil and is the firm’s first investment in the country’s education industry. Similarly, Vinci Partner says the education industry is one that “will continue to grow in the coming years.”

In recent months, there has been a flurry of M&A deals in the distance learning space. In February, a consortium of investors including Vistria Group LLC purchased University of Phoenix parent company Apollo Education Group Inc. (Nasdaq: APOL) for $1.1 billion in cash. And in December, Apollo Education Group Inc. (Nasdaq: APOL) acquired German education services provider Career Partner GmbH for $105 million.

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