Arco Platform Limited, a leading operating system for K-12 schools, announced that its shareholders have voted in favor of the merger with Achieve Holdings, a private company that operates in the education sector.
The merger will result in Arco becoming a wholly-owned subsidiary of Achieve and its common shares being delisted from the Nasdaq Global Select Market.
The merger was approved by over 97.8% of the total votes cast at an extraordinary general meeting of shareholders held on December 5, 2023. The merger is expected to close within the fourth quarter of 2023, subject to the satisfaction or waiver of the conditions set forth in the merger agreement.
According to the merger agreement, Arco’s common shareholders (except for the excluded and dissenting shares) will receive US$14.00 per share in cash. Arco’s Class B Shares will be converted into Class A Shares prior to the merger.
Arco and Achieve believe that the merger will create synergies and opportunities for growth in the education market, as well as enhance the value for their customers, employees, and shareholders.