Anima Holding agrees to buy higher-education group FMU for R$ 410 million

• Anima’s subsidiary Rede Educacional do Brasil agreed to buy 100% of FMU, a São Paulo-based higher education group under judicial reorganization.
• Equity value set at BRL 410 million, split between BRL 240 million cash at closing and a deferred payment due by Dec. 31, 2029.
• Deferred payment will be the higher of BRL 170 million indexed to CDI or an earn-out tied to Anima EV/EBITDA, FMU EBITDA performance, and net debt.
• FMU reported 51,000 students, BRL 281.7 million net revenue, BRL 52.9 million adjusted EBITDA, and BRL 150.3 million adjusted net debt for the 12 months ended March 31, 2026.
• Closing is conditional on customary conditions, including CADE clearance, with a review conclusion estimated by end-2026.

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