Afya Limited Announces Entering into of Purchase Agreement for the Acquisition of Faculdade de Ensino Superior da Amazônia R...
Afya Limited, or Afya (Nasdaq: AFYA) today announced it entered
into a purchase agreement for the acquisition, through its
wholly-owned subsidiary Afya Participações S.A., of 100% of the
total share capital of Faculdade de Ensino Superior da Amazônia
Reunida, or FESAR.
The aggregate purchase price is R$260.0 million,
including the real state of the operation estimated at R$ 21.0
million, of which 100% is payable in cash on the transaction
FESAR is a post-secondary education institution
with government authorization to offer on-campus, undergraduate
courses in medicine in the State of Pará and medical course
represents 70% of its 2019 Net Revenue. The 2024 projected Net
Revenue for FESAR is R$ 88.6 million at full maturity, with medical
courses representing 94% of this amount, an EV/EBITDA of 4.7x
adjusted by the real state, at maturity and post synergies.
The acquisition will contribute 120 medical
school seats to Afya, increasing Afya’s total medical school seats
to 2,143. FESAR has 227 medical students and a potential of 864
medical students at full maturity in 2024. In 2019, the institution
had 951 students ex- medicine.
Afya’s management team will be available for a
Q&A section at its 2Q20 Earnings Release Conference Call that
will be hosted on August 28, 2020, 11:00 am EDT.
Investors may listen to the conference call (ID:
AFYA) by dialing +55-11-3181-8565 or +1-844- 204-8586 or
+1-412-717-9627 (International), conference ID: Afya. A live and
archived webcast of the call will be available on the Investor
Relations section of the Company’s website at
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
Contact: Investor Relations: