YDUQ3 announces merger with Afya while AXIA3 expands fundraising

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The week of September 21 to 25 was marked by the announced merger between YDUQS (YDUQ3) and Afya, with a proposed exchange ratio of 6.4 shares, and by a series of moves from Axia Energia (AXIA3), which approved up to R$ 11.7 bn for the redemption of non-convertible preferred shares (PNC) and carried out new debenture offerings. In the mining sector, Vale (VALE3) announced the partial restart of the Fábrica Mine and approved a US$ 190 mn capital contribution to Ligga S.A., while Compass (PASS3) signed a memorandum of understanding (MoU) for an LNG terminal in Rio Grande do Sul and completed the repurchase of 3.2 mn common shares. Among corporate decisions, CESP requested conversion of its registration to category A at the CVM and Gerais Saneamento reported that it may terminate the Copasa (CSMG3) shareholders’ agreement.

In financing and debt management, Vibra (VBBR3) raised R$ 1.4 bn in its 11th debenture issue, Axia Energia (AXIA3), through its subsidiary, carried out offerings totaling R$ 1.4 bn plus a further R$ 1.5 bn in debentures in the market, and Eneva (ENEV3) completed the 1st stage of a debt management process involving R$ 1.4 bn, in addition to obtaining a ‘brAAA’ rating on debentures of its 12th issue. Positivo (POSI3) raised R$ 120 mn in commercial notes, CVC (CVCB3) raised R$ 370 mn in debentures in its 7th issue and Paranapanema (PMAM3) completed the payment in full of 11 debentures. Movida (MOVI3) received an AA+.br rating on a R$ 1.3 bn offering, OceanPact (OPCT3) obtained an A+.br rating with a positive outlook and Eneva (ENEV3) also moved forward in strengthening its capital structure. Banco ABC Brasil (ABCB4) approved a share repurchase program of up to 8.3 mn shares and Compass (PASS3) closed its previous buyback.

Dividend announcements stood out at several companies, with interest on equity (JCP, a form of profit distribution that generates a credit to the shareholder and is tax-deductible for the company) approved by Guararapes (RIAA3), in the amount of R$ 0.0597 per share, Multiplan (MULT3), with R$ 0.28 per share, Hypera (HYPE3), with R$ 0.26304 per share for 2026, Vittia (VITT3), with R$ 0.085 per share, Dimed (PNVL3), with R$ 0.12 per share, Track & Field (TFCO4), with R$ 0.086 per PN share, Rede D'Or (RDOR3), with R$ 0.18 per share, Schulz (SHUL4, SHUL3), with R$ 0.08 per PN share, Bradsaúde (SAUD3), with R$ 0.0855 per share and Romi (ROMI3), with R$ 0.28 per share for 2026. B3 (B3SA3) adjusted its JCP to up to R$ 0.15 per share and Celesc (CLSC3, CLSC4) approved JCP of R$ 1.92 per ON share and R$ 2.12 per PN share. Romi (ROMI3) also reported a tax gain of R$ 47 mn in a social security lawsuit, while Dexco (DXCO3) reported R$ 53.1 mn in sales to a related party.

There were also relevant moves in governance and operations. Oncoclínicas (ONCO3) called an EGM (AGE) to vote on shareholder rights and completed the sale of Medsir, eliminating obligations linked to the asset; Braskem (BRKM3) reported a decision in its out-of-court reorganization and announced the filing of a tender offer (OPA) related to the sale of control. Changes in management positions were disclosed by PetroReconcavo (RECV3), with the succession of a statutory officer, and Tupy (TUPY3), with the resignation of an executive vice president. On the operating front, Energisa (ENGI11) recorded a 10% increase in consumption in August, SLC Agrícola (SLCE3) calculated NAV (net asset value per share) of R$ 27.12 in 2Q26, Azevedo & Travassos Energia (AZTE3) reported production of 133 boe/d in August and WEG (WEGE3) approved a R$ 330 mn investment in a BESS battery factory (battery energy storage systems). Even (EVEN3) reported profit of R$ 77 mn in 1H26, Porto Seguro (PSSA3) recorded R$ 1.57 bn in auto premiums in July, Fras-le (FRAS3) reported net revenue of R$ 457.4 mn in August and Randon (RAPT4) posted revenue of R$ 1.18 bn in the same month. M&A and shareholding moves included the acquisition of 80% of Qualidados by Grupo GPS (GGPS3), an increase in BlackRock’s stake to 5% in Direcional (DIRR3), Morgan Stanley’s stake to 5% in Mills (MILS3) and Fourth Sail Capital’s stake to 6% in YDUQS (YDUQ3), as well as a reduction in Morgan Stanley’s stake to 4.9% in C&A (CEAB3) and in FIP Multisetorial’s stake to 4.8% in Log (LOGG3), while Log also completed the sale of the LOG Recife II asset for R$ 210 mn and Simpar (SIMH3) reported winning a highway concession in Mato Grosso.