Due to Shareholders of Acquired Companies

9 Months Ended

Sep. 30, 2019

Due to Shareholders of Acquired Companies

The amounts due to shareholders of acquired companies generally arise in connection with Laureate’s acquisition of a majority or all of the ownership interest of these companies. Promissory notes payable to the sellers of acquired companies, referred to as “seller notes,” are commonly used as a means of payment for business acquisitions. Seller note payments are classified as Payments of deferred purchase price for acquisitions within financing activities in our Consolidated Statements of Cash Flows. The amounts due to shareholders of acquired companies, currencies, and interest rates applied were as follows:



	September 30, 2019		December 31, 2018		Nominal Currency	Interest Rate %
Universidade Anhembi Morumbi (UAM Brazil)	$	20,145	$	30,912	BRL	CDI + 2%
IADE Group	1,096		1,141		EUR	3%
Faculdade Porto-Alegrense (FAPA)	217		1,943		BRL	IGP-M
University of St. Augustine for Health Sciences, LLC (St. Augustine)	—		11,395		USD	7%
Total due to shareholders of acquired companies	21,458		45,391
Less: Current portion of due to shareholders of acquired companies	11,502		23,820
Due to shareholders of acquired companies, less current portion	$	9,956	$	21,571



BRL: Brazilian Real		CDI: Certificados de Depósitos Interbancários (Brazil)
EUR: European Euro		IGP-M: General Index of Market Prices (Brazil)
USD: United States Dollar

FAPA

In August 2019, the FAPA seller note matured and was settled, with an amount of $217 withheld from the payment. This amount relates to certain contingencies for which we are indemnified by the seller. This amount will remain until the contingencies have been resolved.

St. Augustine

During the second quarter of 2019, the Company fully repaid the St. Augustine seller note, following the resolution of certain legal matters for which the Company was indemnified by the former owner, as previously disclosed in our 2018 10-K.