Yduqs and Afya advance in merger talks, Valor reports

Negotiations between Brazilian education groups Yduqs and Afya have reached an advanced stage, according to a report by Valor Econômico on Tuesday, September 22, 2026. German media conglomerate Bertelsmann, which controls Afya with about 65% of voting shares and 34% of total capital, holds an exclusivity agreement through the end of the month, with an agreement possible within the week.

Under the outlined structure, Afya would hold the majority stake in the combined entity. The transaction plans to delist Afya from the Nasdaq, while the combined group would remain listed on Brazil's B3 exchange. Yduqs is currently valued at R$ 2.4 billion on the B3, compared with Afya's valuation of US$ 1.2 billion, or R$ 6.5 billion. While both companies generate similar Ebitda, Afya operates with lower leverage of less than 1 time Ebitda and holds R$ 1 billion in cash, whereas Yduqs reported leverage of 1.55 times Ebitda in the first half.

According to Itaú BBA estimates, the merger would create an education powerhouse with nearly 5,900 medical seats, representing roughly a 15% market share. Citi calculates potential synergies of approximately R$ 835 million, assuming a 10% reduction in general and administrative expenses. Initial discussions began between the two chief executives, initiated by Afya CEO Virgílio Gibbon.

On the Yduqs shareholder register, private equity firm Advent owns roughly 15%, while the Zaher family holds approximately 12%. Both groups previously stated via material facts that discussions regarding a potential business combination were underway, noting that no binding agreement had been signed.