Business
Bertelsmann Acquires Crescera Stake in Afya; New Director Appointed
NOVA LIMA, MINAS GERAIS, Brazil, June 07, 2021 (GLOBE NEWSWIRE) -- Afya Limited, or Afya (Nasdaq: AFYA), today announced that it was notified by Crescera
About this update from Afya Limited
[{"type":"text","content":"NOVA LIMA, MINAS GERAIS, Brazil, June 07, 2021 (GLOBE NEWSWIRE) -- Afya Limited, or Afya (Nasdaq: AFYA), today announced that it was notified by Crescera Educacional II Fundo de Investimento em Participações Multiestrategia, or “Crescera Educacional”, of the sale of the entirety of its 23,074,134 Class B common shares of Afya to an affiliate of Bertelsmann SE& Co. KGaA, or “Bertelsmann”. Since Afya’s inception, Bertelsmann has indirectly held a stake in Afya through its investment in Crescera Educacional. In addition, Bertelsmann has had Daulins Emilio, the Managing Director at Bertelsmann Brazil Investments (BBI) and Head of the Bertelsmann Corporate Center in Brazil, as representative on Afya’s board since 2019. According to Afya’s articles of association and shareholders agreement between the Esteves family and Crescera Educacional, Bertelsmann has the right to acquire Crescera Educacional’s Class B common shares and accede to the shareholders’ agreement. Upon consummation of the acquisition, Bertelsmann is expected to have the right to appoint the three members of Afya’s board of directors currently appointed by Crescera Educacional. The transaction is subject to anti-trust approval and customary closing conditions. In accordance to the transaction, the Company announces to the market the following adjusts to the Board of Directors: a) resignation of Felipe Argalji, as a member indicated by Crescera; b) reappointment of Daulins Emílio to occupy the vacant position from Crescera and c) the appointment of Paulo Passoni as member of the Board, indicated jointly by the Family Esteves and Crescera, in connection with the SoftBank investment previously announced by the Company. Until the closing of the transaction the members indicated by Crescera, Daniel Borghi and Laura Guaraná, will hold their position as board members. Daniel Borghi, Co-CEO of Crescera Capital, noted that “Bertelsmann has been a partner with us in our investment in Afya since its inception. We are delighted that Afya will continue to benefit from one of the world’s leading media companies with a significant footprint in the education sector.” About Bertelsmann Bertelsmann is a media, services and education company that operates in about 50 countries around the world. It includes the broadcaster RTL Group, the trade book publisher Penguin Random House, the maga...