APOLLO BUYS APOLLO Apollo Education Group, the owner and operator of the University of Phoenix, has announced that it has signed an agreement to be acquired a group of investors including The Vistria Group, funds affiliated with Apollo Global Management and Najafi Companies. Apollo Education and Apollo Global Management were previously unaffiliated. The investors will pay $9.50 per outstanding share, which amounts to $1.1 billion, a 30 percent premium on its most recent share price, according to a press release.
Amidst declining student enrollments, the University of Phoenix and Apollo Education have been beset by a string of investigations into its recruiting and advertising practices. Regulators worry that with Apollo Education’s operations will be harder to scrutinize if the deal is approved and the company goes private. The New York Times summarizes these concerns.
