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DeVry Education Group (DV) Announces $100M Stock Buyback Plan

December 15, 2015 12:06 PM

DeVry Education Group (NYSE: DV) announced that its board of directors approved its ninth share repurchase program, which allows DeVry Group to repurchase up to $100 million of its common stock through Dec. 31, 2017.

“Today’s announcement marks a continuation of our balanced approach to capital allocation,” said Daniel Hamburger, president and CEO of DeVry Education Group. “Over the past three fiscal years we have returned $156 million to shareholders through share repurchases and dividends, invested $280 million in capital expenditures to support academic quality and organic growth, and deployed $118 million for diversifying acquisitions.”

DeVry Group expects the number of shares repurchased in the fiscal 2016 second quarter to increase approximately 14 to 16 percent compared to the first quarter. In the first quarter of fiscal 2016, share repurchases increased 32 percent compared to the prior quarter.

The timing and amount of any repurchase will be determined by management and the board based on evaluation of market conditions and other factors. These repurchases may be made through the open market, including block purchases, in privately negotiated transactions, or otherwise. The repurchases will be funded through available cash balances and/or borrowings, and may be suspended or discontinued at any time.

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