SUBSEQUENT EVENT

3 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENT

NOTE 15:  SUBSEQUENT EVENT

On October 1, 2014, DeVry Brasil completed the acquisition of Faculdade Martha Falcao (“FMF”) which is located in the city of Manaus in the state of Amazonas in northern Brazil. Under the terms of the agreement, DeVry Brasil will pay approximately $16.0 million in cash, subject to working capital purchase price adjustments, in exchange for the stock of FMF. The majority of payments will be made in the second quarter of fiscal year 2015, with payments of approximately $1.6 million over the succeeding 2 years. FMF currently serves approximately 3,500 students and offers undergraduate and graduate programs in business, accounting, law, information technology and engineering.

The FMF acquisition continues the process of expanding DeVry Brasil’s presence in the northeast and now the north areas of the country. Including the most recent acquisition, DeVry Brasil will serve more than 36,000 students in thirteen campuses across northeastern and north Brazil.