Mergers & Acquisitions ·
Afya Limited agrees to merge into YDUQS Participações S.A., with shareholders receiving 69% of the combined company
AFYAAfya Ltd
Afya Limited and YDUQS Participações S.A. entered into a merger agreement on September 23, 2026, under which Afya will merge into YDUQS, ceasing to exist as a separate legal entity. Afya shareholders will receive newly issued common shares of YDUQS based on an exchange ratio of 6.408347 YDUQS shares for each Afya share, resulting in Afya shareholders owning 69.0% and YDUQS shareholders owning 31.0% of the combined company on a fully diluted basis. The transaction utilizes a locked-box mechanism with a reference date of June 30, 2026, and is subject to customary conditions including regulatory approvals from CADE and shareholder votes. Afya's Class A common shares will be delisted from Nasdaq, and its SEC reporting obligations will terminate via Form 15 filing.