Afya Limited’s $341.7 Million Follow-On Offering

Davis Polk and Maples and Calder advised Afya Limited on its offering. Cleary Gottlieb Steen & Hamilton and Cescon, Barrieu, Flesch & Barreto advised the bookrunners.

Afya Limited closed its follow-on public offering of 12,426,740 Class A common shares at a public offering price of $27.50 per share. Afya issued and sold 3,019,928 Class A common shares, and certain selling shareholders of Afya, including Crescera Educacional II Fundo de Investimento em Participações Multiestratégia, sold 9,406,812 Class A common shares, pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”).

BofA Securities, UBS Securities LLC, Goldman Sachs & Co. LLC and Itau BBA USA Securities, Inc. acted as Global Coordinators in this public offering, and BofA Securities, UBS Securities LLC, Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC collectively acted as Bookrunners in the offering.

Based in Minas Gerais, Brazil, Afya is a leading medical education group in Brazil based on number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students to be lifelong medical learners.

The Davis Polk capital markets team included Manuel Garciadiaz (Picture), Konstantinos Papadopoulos and Hugo Casella. The tax team included Alon Gurfinkel and Summer Xia. Matthew R. Silver provided 1940 Act advice.

Maples and Calder advised advised Afya Limited with Kieran Walsh and Finn O’Hegarty.

Cleary Gottlieb Steen & Hamilton advised BofA Securities, Inc., UBS Securities LLC, Goldman Sachs & Co. LLC and Itau BBA USA Securities, Inc. with Francesca Odell, Jason R. Factor, Elena M. Vespoli, Anthony Thomas Yanez, JinSol Lee, Luiz Felipe Guimaraes, Elizabeth A. Chang and María Clara Troncoso.

Cescon, Barrieu, Flesch & Barreto advised BofA Securities, Inc., UBS Securities LLC, Goldman Sachs & Co. LLC and Itau BBA USA Securities, Inc. with Joaquim José Aceturi de Oliveira, Daniel Laudisio and Mariana Rodrigues Machado Borges.

Involved fees earner: Joaquim José Aceturi de Oliveira – Cescon, Barrieu, Flesch & Barreto; Daniel Laudisio – Cescon, Barrieu, Flesch & Barreto; Mariana Rodrigues Machado Borges – Cescon, Barrieu, Flesch & Barreto; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Luiz Guimaraes – Cleary Gottlieb Steen & Hamilton; JinSol Lee – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Maria Clara Troncoso – Cleary Gottlieb Steen & Hamilton; Elena Vespoli – Cleary Gottlieb Steen & Hamilton; Anthony Thomas Yanez – Cleary Gottlieb Steen & Hamilton; Hugo Casella – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Matthew Silver – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Finn O’Hegarty – Maples and Calder LLP; Kieran Walsh – Maples and Calder LLP;

Law Firms: Cescon, Barrieu, Flesch & Barreto; Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell; Maples and Calder LLP;

Clients: Afya Limited; Bank of America Securities; Goldman Sachs & Co.; Itaú BBA USA Securities; UBS Securities LLC;

Author: Ambrogio Visconti.