Arco Platform Limited, or “Arco” or “Company” (Nasdaq: ARCE), today announced that its board of directors (the “Board”) formed in December 2022 a special committee (the “Special Committee”) consisting of four independent and disinterested directors, Beatriz Amary, Carla Schmitzberger, Edward Ruiz and Stelleo Tolda, to evaluate and consider the previously announced preliminary non-binding proposal, dated November 30, 2022 (the “Proposal”), from General Atlantic L.P. (“General Atlantic”) and Dragoneer Investment Group, LLC (“Dragoneer”) to acquire all of the outstanding Class A common shares of the Company that are not held by such parties or Oto Brasil de Sá Cavalcante and Ari de Sá Cavalcante Neto or their respective affiliates (the “Public Shares”) and any potential alternative transactions with respect to the acquisition of the Public Shares by General Atlantic and Dragoneer or by any other party or parties. The Special Committee retained (i) Evercore Group L.L.C. and Seneca Evercore Advisors Ltda.as its financial advisor, (ii) Skadden, Arps, Slate, Meagher & Flom LLP as its U.S. legal counsel, (iii) Carey Olsen Cayman Limited as its Cayman Islands legal counsel and (iv) BMA - Barbosa Müssnich Aragão Advogados as its Brazilian legal counsel, in each case to assist it in its mandate.
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