Afya Limited Announces Entering into of Purchase Agreement for the Acquisition of UNIFIPMoc and Fip Guanambi
October 22 2020 - 08:59AM
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 Sociedade Padrão de Educação Superior Ltda
(“UNIFIPMoc and Fip Guanambi”).
The aggregate purchase price is R$360.0 million,
adjusted by the Net Debt at the closing date, of which 100% is
payable in cash on the transaction closing date.
UNIFIPMoc and Fip Guanambi are a post-secondary
education institution with government authorization to offer
on-campus, undergraduate courses in medicine in the states of Minas
Gerais and Bahia. The expected Net Revenue for 2020 is R$ 109
million of which 63% comes from the medicine course. The 2024
projected Net Revenue for UNIFIPMoc and Fip Guanambi is R$ 121
million at full maturity, with medical courses representing 73% of
this amount, an expected EV/EBITDA of 5.1x at maturity and post
synergies.
The acquisition will contribute 160 medical
school seats to Afya, increasing Afya’s total medical school seats
to 2,303. There are 40 additional seats still pending approval
which, if approved by the Ministry of Education, will result in a
potential additional payment of up to R$50 million.
About Afya
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:
ir@afya.com.br
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