By Brazil Stock Guide – Ânima Holding S.A. (B3: ANIM3), through its medical education subsidiary Inspirali, has acquired the remaining 45% stake in Centro de Ensino Superior de Guanambi (CESG), the maintainer of UniFG in Bahia, for R$88.9 million. With the transaction, Inspirali, which already consolidated CESG’s results as controlling shareholder, now owns 100% of the institution. The deal’s accounting effects are retroactive to July 1, 2025.
The purchase price includes R$82.2 million in obligations assumed by Insegnare Educacional, an Inspirali subsidiary, and R$6.7 million in cash. The transaction values UniFG at 4.6 times its adjusted net income of R$42.7 million over the 12 months ended June 30, 2025. From July onward, UniFG’s results will be fully consolidated by Inspirali.
Sellers will also receive R$23.5 million in dividends from retained earnings related to 2024 and the first half of 2025. Together with the R$6.7 million cash payment, this amount represents the total impact on Ânima’s consolidated net debt.
The agreement also provides for an earn-out of up to R$500,000 per new medical school seat, depending on Ministry of Education (MEC) approvals through 2026. Payments, if triggered, will be made in installments adjusted by Brazil’s CDI rate.
UniFG operates two campuses in Guanambi and Brumado, with 100 authorized medical seats and additional programs in law and health sciences. The institutions had 3,801 students at the end of the second quarter, including 646 medical students.
About Inspirali
Inspirali is one of Brazil’s largest medical education ecosystems, with 15 institutions offering 1,892 annual medical seats and a student base of 12,100. Its portfolio includes undergraduate degrees, postgraduate programs across more than 30 specialties, fellowships, and partnerships with leading health institutions.
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