Brazil

Medical education group Afya has acquired Companhia Nilza Cordeiro Herdy de Eduação e Cultura (Unigranrio), through its wholly-owned subsidiary Afya Participações.

The aggregate purchase price (enterprise value) was 700 million reais (£97.3 million), including the assumption of estimated net debt of 73.9 million reais. The equity value was paid 60% in cash and 40% will be paid in four equal annual instalments, adjusted by the CDI rate.

Unigranrio is a for-profit post-secondary education institution with government authorisation to offer on-campus, undergraduate medical, and health-related courses in the state of Rio de Janeiro.

The acquisition adds 308 medical school places to Afya, increasing its total medical school seats to 2,611. This translates to 18,799 medical students at maturity, representing a 9% compound annual growth rate from 2020 to 2026.

Date published: 5 August 2021

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