DeVry acquires Brazilian school Facid
DeVry adds to Brazilian business with purchase of Facid school for an undisclosed amount
DOWNERS GROVE, Ill. (AP) -- DeVry Inc. said Tuesday that it is acquiring a Brazilian education company, expanding its presence in the country as enrollments drop in the U.S.
DeVry is buying privately-held Faculdade Diferencial Integral, known as Facid, for an undisclosed amount. The deal is expected to be complete in July.
Facid has about 2,500 students at its two campuses, which focus on health care degrees.
DeVry, a for-profit education company based in Downers Grove, Ill., already operates five institutions at nine campuses in northeast Brazil. The company's Brazilian business is growing fast, with revenue up 60 percent in the January-March quarter, while U.S. enrollments shrink.
New regulations in the U.S. and the sluggish economy have weighed on enrollments for U.S. for-profit education companies.
At DeVry University, undergraduate enrollments fell 21 percent in the first three months of the year. The company also runs other schools, including the Carrington Colleges and the Ross University School of Medicine in the Caribbean.
DeVry shares increased $1.56, or 5.5 percent, to close at $29.95 Wednesday and were unchanged in after-hours trading.
