Morrison & Foerster LLP advised SoftBank Group Corp. on the deal.
Afya Limited, or Afya (Nasdaq: AFYA), the largest medical education group in Brazil, announced that the SoftBank Latin America Fund (“Softbank”) has agreed to purchase R$822 million, equivalent to $150 million, of Afya’s Series A perpetual convertible preferred shares set forth on the Certificate of Designations, subject to customary closing conditions.
In addition, Crescera Educacional II Fundo de Investimento em Participações Multiestratégia and the Esteves Family have agreed to sell 2,270,208 Class A common shares to SoftBank. In connection with such sale, Paulo Passoni from Softbank will be appointed as a board member of Afya within the next 30 days.
SoftBank and its affiliates will beneficially own approximately 8.4% of the total shares of the Company (on an as-converted basis for the Series A perpetual convertible preferred shares).
The company intends to use the proceeds to fund future acquisitions and investments in complementary businesses, products or technologies.
SoftBank is a natural partner for Afya given its demonstrated interest in the health technology market through its 2020 investment in iClinic, a SaaS model physician-focused technology company that is the leading provider of medical practice management software in Brazil. Converging interests resulted in the fact that, today, iClinic is wholly owned by Afya.
BofA Securities acted as Capital Markets Advisor to Afya on the transaction.
The MoFo deal team advising SoftBank was led by Washington, D.C. corporate partner Andy Campbell (Picture) and New York corporate associate Dylan Naughton, together with Miami corporate partner Juan Delgado, Latin America Desk co-chair Randy Bullard, and New York U.S. Federal Tax associate Katherine Erbeznik.
Involved fees earner: Randy Bullard – Morrison & Foerster; Andrew Campbell – Morrison & Foerster; Juan Manuel Delgado – Morrison & Foerster; Katherine Erbeznik – Morrison & Foerster; Dylan Kelsey Naughton – Morrison & Foerster;
Law Firms: Morrison & Foerster;
Clients: SoftBank Group Corporation;