Afya Limited entered into an investment and purchase agreement to acquire Instituto de Ensino Superior Presidente Tancredo de Almeida Neves S.A. and Instituto de Educação Superior do Vale do Parnaíba S.A. from the Esteves Family for approximately BRL 200 million on January 11, 2018. Afya Limited acquired 100% in Instituto de Ensino Superior Presidente Tancredo de Almeida Neves S.A. (IPTAN ) and 80% in Instituto de Educação Superior do Vale do Parnaíba S.A. (IESVAP). Afya Limited issued 26,523 Class A preferred shares as consideration for the 100% interest in IPTAN and and 80% interest in IESVAP.