Anima Educação (ANIM3) reported on Tuesday, July 14, 2026, that its wholly owned subsidiary Rede Educacional do Brasil has signed an agreement to acquire 100% of the quotas of FMU, which is under court-supervised reorganization, for R$ 410 million. FMU closed the 12 months ended March 31, 2026 with net revenue of R$ 281.7 million, adjusted EBITDA ex-IFRS 16 (earnings before interest, taxes, depreciation and amortization, excluding the impact of IFRS 16) of R$ 52.9 million and adjusted net debt (ex-IFRS 16) of R$ 150.3 million.
The price will be paid in two installments: the first, of R$ 240 million in cash, on the closing date of the transaction, adjusted by the CDI from 12/31/2026 if closing takes place after that date. The second installment will be paid on 12/31/2029 or three years after final approval by CADE, whichever comes first, in an amount equivalent to the higher of R$ 170 million adjusted by the CDI from the signing date and the amount calculated under an earn-out formula based on Anima Educação’s EV/EBITDA multiple, the evolution of FMU’s EBITDA and the change in FMU’s adjusted net debt.
The company reported that, as of March 31, 2026, its multiple of adjusted net debt to adjusted EBITDA ex-IFRS 16 for the last 12 months was 2.39 times, the result of a process of organic deleveraging and cash generation. Anima Educação stressed that integrating FMU should add revenue growth to the operations of the Core and Digital segments of its higher education ecosystem.
Closing of the transaction is subject to the fulfillment of customary precedent conditions, including approval by CADE, whose review is expected to be completed by the end of 2026. The company also reported that, because the transaction was carried out by the subsidiary Rede, the regime set forth in Article 256 of Law 6,404/76 does not apply.
To provide details on the acquisition, Anima Educação will hold a webinar on July 14, 2026, at 6:30 p.m. (Brasília time), on the Zoom platform, with audio in Portuguese and simultaneous translation into English.
