Brazil's YDUQS signs binding merger deal with Afya

By Reuters News

SAO PAULO, Sept 24 (Reuters) - Brazilian education firm YDUQS YDUQ3.SA and Nasdaq-listed Afya AFYA.O signed a binding merger agreement to combine their businesses, Afya said in a statement late on Wednesday.

  • Afya will merge into Yduqs, which will survive as the holding company of the combined group and remain listed on Brazil's B3 stock exchange.

  • Afya shareholders will own 69% of the combined company, while existing Yduqs shareholders will own 31% on a fully diluted basis.

  • Afya's controlling shareholder, Bertelsmann, will hold about 47.4% of the combined company following the merger.

  • Transaction to be completed no later than March 31, 2028, subject to the agreement's extension provisions.

  • The companies had said last month they were in talks over a potential business combination.

  • Brazilian newspaper O Globo first reported the move on Wednesday.

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