Consortium agrees to take Apollo Education Group private in $1.1B deal
February 09, 2016
Apollo Global Management, The Vistria Group and Najafi Companies have reached an agreement to acquire Apollo Education Group (NASDAQ: APOL), which operates the for-profit University of Phoenix, for $9.50 per share in cash for both Class A and B shares. The price represents a 30% premium over the company’s 30-day volume weighted average stock price for the period ending February 5. The Vistria Group partner Tony Miller will become chairman of the company’s Board upon the closing of the transaction, expected to occur by fiscal year-end.