DeVry Inc. Announces Acquisition of American University of the Caribbean for $235M

DeVry Inc. DV today announced it has acquired the business operations of privately held American University of the Caribbean. AUC's medical school campus is located in St. Maarten, and its administrative offices are located in Coral Gables, Fla. Upon closing, DeVry paid $235 million in cash in exchange for all assets of AUC. For the year ending December 31, 2011, AUC's revenues are expected to be approximately $50 million. DeVry expects AUC to be accretive to earnings per share in fiscal 2012 by about $0.05 per share and increasing thereafter.