DeVry Inc., the Illinois-based provider of educational services, announced Friday it acquired American University of the Caribbean for $235 million in cash.
The acquisition is consistent with DeVry's growth and diversification strategy and will increase DeVry's presence in medical and healthcare education while expanding its academic offerings at the post-baccalaureate level, the company said in a release.
The privately held American University of the Caribbean has about 1,000 students. Its medical school campus is in St. Maarten and its administrative offices are in Coral Gables, Fla.
DeVry, of Downers Grove, Ill., said it was attracted to American University of the Caribbean because of its highly regarded faculty, commitment to academic excellence, its network of alumni and the school's partnerships with residency placement hospitals across the United States.
"Working with AUC management, DeVry has already developed an initial plan for additional investments in academic quality, which will also support future growth. Planned investments include more than $20 million for facility and other improvements," said Daniel Hamburger, DeVry's president and chief executive officer. "The combination of DeVry and AUC is strategically compelling and will deliver significant benefits to students and employees."