DOWNERS GROVE, Ill.--(BUSINESS WIRE)-- DeVry Inc. (NYSE:DV), a global provider of educational services, today announced that it has entered into a definitive agreement to acquire Faculdade Boa Viagem (FBV). The acquisition is another step in the process of expanding DeVry Brasil’s presence in the northeast area of the country. The transaction is expected to be completed within 30 days.

FBV currently serves about 5,800 students and offers undergraduate, graduate and master's degree programs in business, law, engineering, communication, culinary, hospitality, fashion design, and information technology at three campuses located in the city of Recife. According to the IGC academic quality ranking, FBV has ranked in the top four in the last three years among private institutions within the city of Recife. The IGC score is used by the Ministry of Education in Brazil to measure academic quality in all higher education institutions. It assesses various indicators of quality such as student outcomes on college exit exams and quality of campus facilities.

FBV will become a part of DeVry Brasil, which currently operates Faculdades Fanor located in Fortaleza, and AREA1 and Ruy Barbosa, both located in the city of Salvador. Together these three institutions currently provide services to about 14,000 students and offer 33 undergraduate and 20 graduate programs, focusing on the areas of business, health, law and engineering.

"We are pleased to make additional progress on our diversification strategy, which includes international expansion, particularly in northeast Brazil,” said Daniel Hamburger, president and chief executive officer of DeVry Inc. “FBV is a perfect fit within the DeVry family of institutions. It has exceptional academic programs, and shares DeVry’s focus on providing students with a high-quality education in high-demand fields."

For Professor Ary Diniz, founder of Faculdade Boa Viagem, joining an organization that shares the same values as FBV is critical to the future growth of the institution. "I am confident that DeVry will continue the legacy of academic quality that has been built by my family," said Diniz.

The alliance brings many benefits to students and faculty of FBV, including sharing best practices with DeVry Brasil, investments in infrastructure and technology education, access to virtual libraries and research databases, and subsidized English language courses. Students will also have access to exchange programs and the opportunity to conduct academic projects with students from the United States and other countries where DeVry has a presence.

About DeVry Inc.

DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV, member S&P 500 Index) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry’s institutions serve students in secondary through postsecondary education and professionals in accounting and finance. For more information, please call 630.353.3800 or visit http://www.devryinc.com.

Certain statements contained in this release concerning DeVry's future performance, including those statements concerning DeVry's expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as DeVry Inc. or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in DeVry's most recent Annual Report on Form 10-K for the year ending June 30, 2011 and filed with the Securities and Exchange Commission on August 26, 2011.