Afya Limited Announces Closing of the Acquisition of Centro Universitário São Lucas
Afya Limited, or Afya (Nasdaq: AFYA) in addition to the Press
Release released by the Company on February 21, 2020, today
announced the closing of its acquisition, through its wholly-owned
subsidiary Afya Participações S.A., of 100% of the total share
capital of Centro Universitário São Lucas, or UniSL.
UniSL is a post-secondary education institution
with governmental authorization to offer on-campus, undergraduate
courses in medicine in the State of Rondônia. UniSL also offers
other health related undergraduate degrees. In 2019, UniSL’s gross
revenue totaled R$227.5 million, and approximately 65% of its gross
revenue came from health related programs.
The aggregate purchase price is R$341.6 million,
including the assumption of estimated net debt of R$140.1 million,
of which: (i) 70% is payable in cash on the transaction closing
date, and (ii) 30% is payable in cash in three equal installments
through 2023, adjusted by the CDI rate.
The acquisition will contribute 182 medical
school seats to Afya, increasing Afya’s total medical school seats
to 1,866. There are 100 additional seats still pending approval
which, if approved by the Ministry of Education, will result in a
potential additional payment of up to R$80 million, adjusted by the
Afya is a leading medical education group in Brazil based on
number of medical school seats, delivering an end-to-end
physician-centric ecosystem that serves and empowers students to be
lifelong medical learners from the moment they join us as medical
students through their medical residency preparation, graduation
program, and continuing medical education activities.
Contact: Investor Relations: firstname.lastname@example.org