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Adtalem Global Education, the company that owns DeVry University, announced Monday that ownership of the for-profit institution would transfer to Cogswell Education LLC. The transfer deal also includes Keller Graduate School of Management.

The agreement would still need federal and accreditor approval before being finalized.

"I am thrilled for DeVry University and its students as it enters this new phase in its history," said Lisa Wardell, president and chief executive officer of Adtalem, in a news release. "Cogswell Education is the right partner to fuel DeVry's mission and commitment to its students, ensuring high-quality programs that help students achieve their career goals."

The agreement includes an "earn-out" for Adtalem based on DeVry's future performance over multiple years.