Illinois-based educational services provider DeVry has signed an agreement to acquire Brazil-based private post-secondary education provider Fanor.

Under the terms of the agreement, DeVry will initially purchase 69.3% of Fanor including real estate for approximately $23.5 million in cash plus the assumption of Fanor debt.

It is anticipated that DeVry will reduce Fanor’s debt in the near future through an additional recapitalization, bringing the total ownership to 82.4%.

DeVry said that the existing Fanor management team and employees will remain in place, and will report to John Roselli, senior vice president of international and business development. Carlos Alberto Guerra Filgueiras, CEO and board president of Fanor will continue to serve as President.

The acquisition of Fanor, which is subject to customary closing conditions, is expected to be accretive to DeVry’s earnings beginning in fiscal 2010.

The transaction is not conditioned on financing and is expected to close in April 2009.