Nearly two years after hiring a director of international-business development, DeVry Inc. announced this week its first major new development in its international business. The company said it was buying a majority stake in a Brazilian higher-education company whose colleges enroll about 10,000 students.
DeVry said in a news release that it would pay $23.5-million in cash, and would assume the debt of the company, called Fanor, in return for an initial stake of nearly 70 percent.
Fanor owns three institutions and — like DeVry University, the flagship institution of its acquirer — offers programs in business and management. The Fanor institutions also have programs in law and engineering.
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