MARKET ANALYSIS OF MERGERS AND ACQUISITIONS BY BRAZILIAN EDUCATIONAL GROUPS
DOI:
https://doi.org/10.33836/interacao.v24i2.717Palavras-chave:
Mercantilização da educação superior, Oligopólios educativos, FIES, Graduação, FinanceirizaçãoResumo
O presente estudo é uma análise documental dos fatos relevantes que marcaram o processo mercantilista na expansão das IES (Instituições de Ensino Superior) privadas no Brasil. O objetivo é demonstrar que foram criados grandes oligopólios educacionais privados, e a formação de holdings de capital aberto que adquirem IES menores, acabou causando uma possível depreciação da qualidade do ensino, uma vez que as concepções educacionais dessas instituições nunca obtiveram o máximo mensurável de qualidade (nota 5 no Ministério da Educação e Cultura - MEC). Além disso, também levantamos a hipótese de que o oligopólio das IES brasileiras utiliza as fusões e aquisições como forma de sobrevivência, mais do que de expansão.
Referências
ALMEIDA, R.; NOVO, L.; ANDRADE, C. Expansion, mercantilization and banking education in Brazilian higher education. XII International Colloquium of Gestón Universitaria, v. XII, 2012. Available in: <http://repositorio.ufsc.br/xmlui/handle/123456789/97664>.
WORLD BANK. Priorities and strategies for education. . Washington: [s.n.], 1996.
BERKOVITCH, E.; NARAYANAN, M. P. Motives for Takeovers: An Empirical Investigation. The Journal of Financial and Quantitative Analysis, v. 28, n. 3, 1993.
BIANCHETTI, LUCÍDIO; SGUISSARDI, V. From university to commoditycity: or how and when, if education/training is sacrificed on the altar of the market, the future of the university would be somewhere in the past. Campinas, SP. Market of Letters, 2017.
BOVESPA. Stock Exchange. Available in: <http://www.bmfbovespa.com.br/pt_br/>.
BRAGA, R. Business in the private education sector. Available in: <http://www.hoper.com.br/artigo-hoper.php?id=43>.
BRAZIL. Law of Guidelines and Bases of Education. . Brazil: Official Diary. , 1961
BRAZIL. Ministry of Education. National Register of Higher Education Courses and Institutions. . [S.l.]: e-MEC , 2022
BRAZIL. National Institute of Educational Studies and Research Anísio Teixeira. Sense of Higher Education - 2021. . Brazil: Ministry of Education, 2021.
BRAZILIAN CENTRAL BANK. Gross Domestic Product - Real change rate in the year 1980 - 1990. Central Bank. [S.l:s.n.], 2022. Available in: <https://www3.bcb.gov.br/sgspub/consultarvalores/consultarValoresSeries.do?method=consulconsultarV>.
CALDERÓN, A. Commercial universities: the institutionalization of the university market in question. São Paulo in Perspective, v. 14, n. 1, p. 61–72, 2000.
CAMARGOS, M. A. DE; COUTINHO, E. S. The Firm Theory and the Theoretical Foundation for Mergers and Acquisitions: an Analysis of its Interfaces. RAC Electronic Magazine, v. 2, n. 2, 2008.
CANO, M. The recent process of mergers and acquisitions in the Brazilian economy. Master's thesis. State University of Campinas. Campinas, 2002.
CARRANÇA, T. 'You feel incapable': professionals with a lot of study face unemployment and lack of money in the pandemic. Available in: <https://g1.globo.com/economia/concursos-e-emprego/noticia/2020/08/11/no-brasil-40percent-dos-jovens-com-ensino-superior-nao-tem-emprego-qualificado.ghtml>.
CARVALHO, C. H. A. The commercialization of Brazilian higher education and the market strategies of profitable institutions. Brazilian Journal of Education v. 18, n. 54, 2013.
CHAVES, V. L. J. Eprivatization/mercantilization of Brazilian higher education: the formation of oligopolies. Education & Society, v. 31, n. 111, p. 481–500, Jun. 2010. Available in: <http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-73302010000200010&lng=pt&tlng=pt>.
CHAVES, V. L.; SANTOS, M. R.; KATO, F. B. Public funding for private-market higher education and financialization. Journal of Educational Policies, v. 14, p. 1–20, 2020.
CORBUCCI, P. R. et al. Evolution of Private Higher Education In Brazil: From the University Reform From 1968 to the Decade of 2010. Radar, v. 46, p. 7–12, 2016. Available in: <http://repositorio.ipea.gov.br/bitstream/11058/7066/1/Radar_n46_evolução.pdf>.
DINIZ, J.; OLIVEIRA, J.; LIMA, D. The commodification of higher education in Brazil. Education In Question Magazine, v. 59, n. 61, 2021.
DODD, P. Merger proposals, management discretion and stockholder wealth. Journal of Financial Economics, v. 8, n. 2, p. 105–137, 1980.
DOURADO, L. Policies and Management of Higher Education: Multiple Regulations and University Reform in Brazil. n. VII, p. 1–21, 2008. Available in: <http://flacso.redelivre.org.br/files/2013/03/1096.pdf>.
EAPES. Report of the Advisory Team on Higher Education Planning (MEC-USAID Agreement). . Brasília: [s.n.], 1969. Available in: <http://www.dominiopublico.gov.br/download/texto/me002109.pdf>.
ENSINO SUPERIOR. Anima Educational Buys Faced Mining College. Available in: <https://revistaensinosuperior.com.br/anima-educacao-faced/>.
ESTÁCIO. Relevant Fact. Investor Relations. Rio de Janeiro: Estácio, 2007.
FNDE. Funding granted. Available in: <https://www.gov.br/fnde/pt-br/acesso-a-informacao/acoes-e-programas/financiamento/fies/mantenedora_ies/financiamentos-concedidos>.
FNDE. CFT-E transfer. Available in: <https://www.fnde.gov.br/index.php/financiamento/fies-graduacao/mantenedora-e-ies/repasse-de-cft-e>.
MERGERS&ACQUISITIONS. Mergers and acquisitions in education: best result since 2008. Available in: <https://fusoesaquisicoes.com/acontece-no-setor/fusoes-e-aquisicoes-em-educacao-melhor-resultado-desde-2008/>.
GOIS, Antônio. U.S. group buys Anhembi Morumbi. Folha de São Paulo Journal, Rio de Janeiro, 2 Dec. 2005. Available in: <https://www1.folha.uol.com.br/folha/educacao/ult305u18114.shtml>.
GUTIERREZ, M. Ser Educacional concludes purchase of Guarulhos University. Available in: <https://exame.com/negocios/ser-educacional-conclui-compra-da-universidade-guarulhos/>.
INDEXMUNDI. Unemployment Rate in Brazil. Available in: <https://www.indexmundi.com/g/g.aspx?c=br&v=74&l=pt>.
JULIANI, D. Ser Educacional completes acquisition of Fael. Available in: <https://valor.globo.com/empresas/noticia/2022/01/14/ser-educacional-conclui-aquisio-da-fael.ghtml>.
KPMG. Mergers and Acquisitions 2021- 2the Quarter. . São Paulo: [s.n.], 2021.
LEVY, D. Higher education and the state in Latin America : private challenges to public dominance. The University of Chicago Press, v. XIV, p. 176–182, 1986. Available in: <https://redib.org/Record/oai_articulo1225620-daniel-c-levy-higher-education-state-latin-america--private-challenges-public-dominance-chicago-ill--university-chicago-press-1986-434-p>.
LIMA, B.; GERBELLI, L. In Brazil, 40% of young people with higher education do not have a qualified job. Available in: <https://g1.globo.com/economia/concursos-e-emprego/noticia/2020/08/11/no-brasil-40percent-dos-jovens-com-ensino-superior-nao-tem-emprego-qualificado.ghtml>.
LIMA, J. P. C. et al. Financialization and Oligopolization in Brazilian Private-Mercantile Higher Education: the left and right hand of numbers at the heart of education. FINEDUCA - Education Finance Journal, v. 9, 2019.
LIMA, K. The performance of large educational groups in private higher education: realities and repercussions. 2018. PUC-SP, 2018.
MACIEL, D. Anima Educational acquires Faseh in a business of R$ 108.9 million. Available in: <https://diariodocomercio.com.br/negocios/anima-educacao-adquire-a-faseh-em-negocio-de-r-1089-milhoes/>.
MARTINS, C. B. The university reform of 1968 and the opening to private higher education in Brazil. Education and Society, v. 30, n. 106, p. 15–35, 2009. Available in: <http://www.cedes.unicamp.br>.
MCKINSEY&COMPANY. The next wave of mergers and acquisitions in advanced industries: are you ready? Available in: <https://www.mckinsey.com.br/industries/advanced-electronics/our-insights/the-next-wave-of-m-and-a-in-advanced-industries-are-you-prepared>.
MEIBAK, D. Ser Educacional cuniversities in Pará for R$ 151.2 million. Valor Journal, 2014. Available in: <https://valor.globo.com/empresas/noticia/2014/05/19/ser-educacional-compra-universidades-no-para-por-r-1512-milhoes.ghtml>.
MOTTA, L. et al. Value Creation in Brazilian Mergers and Acquisitions. FACES Journal, v. 12, n. 4, 2013.
OLIVEIRA, R. P. DE. The transformation of education into merchandise in Brazil. Education & Society, v. 30, n. 108, p. 739–760, 2009.
PIZETTI, J. Evaluation model of private higher education institutions - IESP for the merger and acquisition process. UFSC, 2006.
PWC. Mergers and Acquisitions in Brazil - December 2020. . São Paulo: [s.n.], 2021. Available in: <https://www.pwc.com.br/pt/estudos/servicos/assessoria-tributaria-societaria/fusoes-aquisicoes/2020/fusoes-e-aquisicoes-no-brasil-dezembro-20.html#:~:text=No mês de dezembro foram,ano anterior (912 transações).>.
REUTERS. Anima buys higher education center in Goiás for R$ 31.25 million. Available in: <https://g1.globo.com/economia/noticia/anima-compra-centro-de-educacao-superior-em-goias-por-r3125-milhoes.ghtml>.
RODRIGUES, J. Entrepreneurs and higher education. 1. Ed. Campinas: [s.n.], 2007. v. 1.
ROSTÁS, R. Estácio buys Seama, in Amapá, for R$ 21.72 million. Available in: <https://www.infomoney.com.br/negocios/estacio-compra-faculdade-seama-no-amapa-por-r-2172-milhoes/>.
SAMPAIO, H. The private sector of higher education in Brazil: continuities and transformations. Unicamp Higher Education Magazine, v. 4, 2011.
SANTOS, M. H. Mergers and Acquisitions as a Growth Strategy in the Higher Education Market in Brazil in Publicly Traded Companies. Management & Planning, v. 17, n. 3, p. 538–552, 2016.
SARFATI, G.; SHWARTZBAUM, A. Synergies in mergers and acquisitions of the higher education sector in Brazil. Contemporary Thought Magazine in Administration, v. 7, n. 4, p. 1, 2013.
SER EDUCACIONAL. Relevant Fact. Investor Relations. Recife: [s.n.], 2020. Available in: <http://ri.sereducacional.com/sereducacional/web/conteudo_pt.asp?idioma=0&tipo=47918&conta=28&id=261580>.
SPOLAVORI, R.; RAFAEL. Concentration of the higher education market in Brazil: an analysis of the effect of mergers and acquisitions on academic performance. PPG- UNISINOS, 2016. Available in: <http://www.repositorio.jesuita.org.br/handle/UNISINOS/6035>.
TANURE, B.; CANÇADO, V. L. Mergers and acquisitions: learning from the Brazilian experience. Business Administration Magazine, v. 45, n. 2, p. 10–22, 2005.
TOLOTTI, R. The 6 acquisitions that made Kroton the largest education company in the world. Available in: <https://www.infomoney.com.br/negocios/as-6-aquisicoes-que-tornaram-a-kroton-a-maior-empresa-de-educacao-do-mundo/>.
