DeVry Inc. (DV) said it acquired the business operations of privately held American University of the Caribbean or AUC. 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 about $50 million. DeVry expects AUC to be accretive to earnings per share in fiscal 2012 by about $0.05 per share and increasing thereafter.
The company added that the purchase of AUC is consistent with DeVry's growth and diversification strategy, increasing its presence in high quality medical and healthcare education and expanding its academic offerings at the post-baccalaureate level. AUC's total enrollment is around 1,000 students.
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