Afya Limited acquired IPEMED for R$97.5 million.
On May 9, 2019, Afya Brazil acquired control of IPEMED through the purchase of 100% of its shares. IPEMED is a post-secondary education institution with campuses in Bahia, Minas Gerais, Rio de Janeiro, Sao Paulo and the Distrito Federal, focused on medical graduate (postgraduate) programs for physicians. The R$97,542 thousand purchase price included a R$25,000 thousand cash advance through April 2019, R$27,239 thousand cash at close, and R$45,303 thousand payable in five annual installments from February 2020 to February 2024.
The transaction was strategic to the Company, broadening its graduate/continuing medical-education programs; the preliminary goodwill reflected expected synergies from the acquisition.
Advisory firms were not disclosed for this transaction.