News Americas, CORAL GABLES, FL, Fri. Aug., 5, 2011: Global provider of educational services, DeVry, Inc., is stepping into the Caribbean, buying the operations of privately held American University of the Caribbean (AUC). AUC’s medical school campus is located in St. Maarten.
The acquisition of AUC, according to DeVry, is consistent with the company’s growth and diversification strategy.
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.
AUC’s total enrollment is approximately 1,000 students. Since 1978, AUC has provided its students with high quality medical education, and now has more than 4,000 graduates who are licensed and practicing medicine throughout the world.
The school is accredited by the Accreditation Commission on Colleges of Medicine (ACCM), and its students are eligible to sit for the USMLE, obtain U.S. Federal Financial Aid if qualified, become active members of the American Medical Student Association (AMSA) and, upon graduation, obtain residency and licensure throughout the United States.
AUC is one of only three international medical schools whose students are eligible to receive federal student aid. AUC utilizes the same curriculum as U.S. medical schools, with two years of basic sciences taught at the St. Maarten campus, followed by two years of clinical sciences taught at affiliated hospitals in the U.S. and England. AUC graduates are eligible to practice medicine in all 50 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 .