Apollo Education, Owner of University of Phoenix, Acquired for $1.1 Billion

APOLLO EDUCATION GROUP: After almost 22 years as a publicly-traded company, Phoenix-based Apollo Education Group, parent of the University of Phoenix, has been acquired by three private investors. Apollo Global Management of New York, the Vistria Group of Chicago and Najafi Companies of Phoenix, paid $1.14 billion for the company, The Arizona Republic reports. Investors representing 54 percent of shares approved the sale at $10 per share. The University of Phoenix has struggled with investigations and enrollment declines—today the University has 130,000 students, down from 470,000 in 2010. The sale must be reviewed by the University of Phoenix’s accreditor, the U.S. Department of Education, and various state and specialized accreditation agencies.

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