INCADE was sold to American University System Group

Incade is a highly-recognized private university in Paraguay, with a population of 11,000 students The transaction involves the sale of Incade S.A. (“Universidad Americana”) to the U.S. Group American University System (“AUS”), based in Dallas The American University System is a U.S. investment group that acquires universities throughout Latin America, with operations in Brazil, Argentina, Colombia, Central America and Peru This transaction is the first step to a projected integration of Incade into the American University System, with a particular emphasis on online education. Alpax acted as exclusive financial advisor to Incade