YDUQS signs merger protocol for Afya deal
AFYA•YDUQS will absorb Afya under a merger protocol dated November 3, 2026. Afya shareholders would own 69% of the combined company, while existing YDUQS shareholders would hold 31%.
1. Ownership and approval terms
The initial exchange ratio gives each Afya Class A or Class B ordinary share 6.408347 ordinary shares in the surviving company, subject to adjustments. Bertelsmann would hold 47.4% under the indicative ownership structure. Completion requires shareholder approval and CADE clearance, with a March 31, 2028 deadline subject to extension.
