Afya agrees to merge into Yduqs, shifting listing to Brazil’s B3
AFYA•Merger terms and ownership split
Afya agreed to merge into Yduqs, leaving Yduqs as the surviving holding company for the combined Brazilian higher education group.
Afya shareholders are set to hold 69% of the combined company on a fully diluted basis, while existing Yduqs shareholders would hold 31%.
The exchange ratio was set at 6.41 new Yduqs shares for each Afya share, based on financials as of June 30, 2026.
Listing shift and closing timeline
Afya’s Nasdaq-listed Class A shares are expected to be delisted, and the combined company is set to remain listed only on B3.
Closing is targeted by March 31, 2028. Break-up fees include BRL 325 million before shareholder meetings or BRL 650 million after approval.
