Arco Platform announces shareholder approval of go-private deal

Arco Platform Limited announced that at an extraordinary general meeting of shareholders held today, Arco’s shareholders voted in favor of, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger, dated as of August 10, 2023, among the company, Achieve Holdings and Achieve Merger Sub, a wholly owned subsidiary of Achieve. The plan of merger is required to be filed with the Registrar of Companies of the Cayman Islands upon completion of the Merger. Pursuant to the Merger Agreement and the Plan of Merger, at the effective time of the Merger, Merger Sub will merge with and into the Company and cease to exist, with Arco being the surviving company and becoming a wholly-owned subsidiary of Achieve. Approximately 81.5% of Arco’s total outstanding Class A common shares and Class B common shares, par value $0.00005 per share, attended the extraordinary general meeting in person or by proxy. Each shareholder has one vote for each Class A Share and/or 10 votes for each Class B Share. The Merger Agreement, the Plan of Merger, and the transactions contemplated thereby, including the Merger, were approved by over 97.8% of the total votes cast at the extraordinary general meeting.