Afya Limited Announces Closing of the Acquisition of FESAR - Faculdade de Ensino Superior da Amazônia Reunida
Afya Limited, or Afya (Nasdaq: AFYA) in addition to the Press
Release released by the Company on August 27,2020, today announced
the closing of its acquisition, through its wholly-owned subsidiary
Afya Participações S.A., of 100% of the total share capital of
The aggregate purchase price was R$260.8
million, including the CDI rate adjustment from the singing and the
real state of the operation, estimated at R$ 21.0 million, of which
100% was paid in cash on the closing of the operation.
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’s 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. 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 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 and
physicians to transform their ambitions into rewarding lifelong
experiences from the moment they join us as medical students
through their medical residency preparation, graduation program,
continuing medical education activities and offering digital
products to help doctors enhance their healthcare services through
their whole career.
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