NEW YORK (AP) - Apollo Education is being taken private in a $1.1 billion deal by a consortium led by The Vistria Group.
NEW YORK (AP) — Apollo Education is being taken private in a $1.1 billion deal by a consortium led by The Vistria Group.
The announcement Monday comes about a month after the owner of the University of Phoenix, another for-profit college, signaled that it may be looking for a buyer.
Shareholders of Apollo Education Group Inc., based in Phoenix, will receive $9.50 per share, a 37 percent premium to the company's $6.95 Friday closing price.
Vistria is joined in the buyout by funds affiliated with Apollo Global Management LLC and Najafi Cos.
Tony Miller, chief operating officer of Vistria and a former deputy secretary of the Department of Education, would be Apollo's chairman.
The acquisition, already approved by Apollo's board, is expected to close by August.