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:



	June 30, 2018		December 31, 2017		Nominal Currency	Interest Rate %
Universidade Anhembi Morumbi (UAM Brazil)	$	41,229	$	45,206	BRL	CDI + 2%
University of St. Augustine for Health Sciences, LLC (St. Augustine)	11,550		11,550		USD	7%
Universidad Tecnologica Centroamericana (UNITEC Honduras)	3,016		3,813		HNL	IIBC
Faculdade Porto-Alegrense (FAPA)	2,906		3,084		BRL	IGP-M
IADE Group	1,166		2,374		EUR	3%
Monash South Africa (MSA)	—		9,571		AUD	n/a
CH Holding Netherlands B.V. (CH Holding)	—		3,971		USD	n/a
Total due to shareholders of acquired companies	59,867		79,569
Less: Current portion of due to shareholders of acquired companies	24,483		40,140
Due to shareholders of acquired companies, less current portion	$	35,384	$	39,429



AUD: Australian Dollar		CDI: Certificados de Depósitos Interbancários (Brazil)
BRL: Brazilian Real		IIBC: Índice de Inflación del Banco Central (Honduras)
EUR: European Euro		IGP-M: General Index of Market Prices (Brazil)
HNL: Honduran Lempira
USD: United States Dollar

MSA

During the second quarter of 2018, the conditions required for resolution of the MSA earnout were completed and the seller note liability was reversed as the criteria for payment was not met.