Afya Limited Announces Closing of the Acquisition of FCMPB - Faculdade Ciências Médicas da Paraíba
November 09 2020 - 5:05PM
Afya Limited, or Afya (Nasdaq: AFYA) in addition to the Press
Release released by the Company on August 20,2020, today announced
the closing of its acquisition, through its wholly-owned subsidiary
Afya Participações S.A., of 100% of the total share capital of
FCMPB.
The enterprise value was R$380 million and the
net debt was estimated in R$ 87 thousand. The net purchase price
was paid (i) 50% in cash on the transaction closing date, and (ii)
50% is payable in cash in four equal installments through 2024,
adjusted by the CDI rate.
FCMPB is a post-secondary education institution
with government authorization to offer on-campus, undergraduate
courses in medicine in the State of Paraíba and medical course
represents 99% of its 2019’s Net Revenue. The projected Net Revenue
for FCMPB in 2024, when the institution will reach maturation, is
R$ 107.0 million representing an estimated post synergies EV/EBITDA
of 5.9x all derived from its medical school. The acquisition will
contribute 157 medical school seats to Afya. FCMPB has 850 medical
students and a potential of 1,130 medical students at full maturity
in 2024.
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 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.
Contact: Investor Relations:
ir@afya.com.br
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