Afya Limited acquired ITPAC Garanhuns.
On November 5, 2021 Brazil's MEC authorized 120 medical school seats in Garanhuns, State of Pernambuco, and shareholder Nicolau Carvalho Esteves assigned to Afya Brazil the right to develop the ITPAC Garanhuns greenfield medical school. Management concluded the transaction does not fall under the definition of a business but is an acquisition of a license with indefinite useful life, recognized in intangible assets (not a business combination). No purchase consideration is disclosed as a business acquisition.
Adds 120 new undergraduate medical school seats via a greenfield unit, expanding Afya's medical education capacity.
Advisory firms were not disclosed for this transaction.