DeVry parent plans transfer of university’s ownership

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New York — DeVry University, one of the nation’s largest remaining for-profit college chains, is getting a new owner.

The university’s parent company, Adtalem Global Education, plans to transfer ownership of DeVry University and its Keller Graduate School of Management to Silicon Valley-based Cogswell Education, according to a news release. The deal, which requires regulatory and accreditor approval, is expected to close in 2018.

No money will change hands when the deal closes, according to the news release. Adtalem will inject working capital into DeVry and be paid out over the next few years based on DeVry’s performance.