PHOENIX--(BUSINESS WIRE)--Feb. 1, 2017--
Apollo Education Group, Inc. today announced the completion of its
acquisition by a consortium of investors including The Vistria Group,
LLC and funds affiliated with Apollo Global Management, LLC. Under the
terms of the merger agreement, Apollo Education Group shareholders will
receive $10.00 per share in cash for both Class A and Class B shares.
The closing of the transaction follows the approval of the acquisition
by Apollo Education Group’s shareholders on May 6, 2016 and the receipt
of all required pre-closing regulatory approvals, including by the U.S.
Department of Education and the Higher Learning Commission.
“This transaction marks a significant milestone in our company’s
history, and will allow us to accelerate our efforts at University of
Phoenix, Western International University, College for Financial
Planning and Apollo Global to improve outcomes for all of our students
in the U.S. and around the world,” said Greg Cappelli, Chief Executive
Officer of Apollo Education Group. “We look forward to completing the
transformation plan at University of Phoenix and driving the principles
of operating excellence throughout the organization.”
Tony Miller, Chief Operating Officer and Partner of The Vistria Group,
has been named Chairman of the Apollo Education Group Board of Directors.
“In this increasingly competitive global economy, it has never been more
important to ensure more students graduate with the education, skills,
and credentials that enable advancement in the job market,” said Miller.
“We believe we are uniquely positioned to enhance efforts by University
of Phoenix and the other Apollo Education Group schools to improve
student outcomes. We are excited about that opportunity, and we look
forward to sharing more about our vision for the future in the weeks and
“We are delighted that our affiliated funds are acquiring Apollo
Education Group. This innovative market-leader has greatly expanded
access for life-long learners to top-quality higher education,” said
Larry Berg, Senior Partner, Apollo Global Management. “Building on our
experience of investing in leading companies in the education sector, we
look forward to working with Apollo Education’s leadership team to
enhance and advance their efforts both in the United States and
In connection with the close of the transaction, Apollo Education
Group’s Class A shares have been delisted from the NASDAQ Stock Market.
Barclays, Credit Suisse and Evercore are acting as financial advisors,
and Sullivan & Cromwell LLP as legal advisor to Apollo Education
Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
advisor to the consortium of investors.
About Apollo Education Group, Inc.
Apollo Education Group, Inc. is one of the world’s largest private
education providers, serving students since 1973. Through its
subsidiaries, Apollo Education Group offers undergraduate, graduate,
professional development and other non-degree educational programs and
services, online and on-campus principally to working learners. Its
educational programs and services are offered throughout the United
States and in Europe, Australia, Latin America, Africa and Asia, as well
as online throughout the world. For more information about Apollo
Education Group, Inc. and its subsidiaries visit the Company’s website
About The Vistria Group
The Vistria Group is a Chicago, IL based private investment firm focused
on investing in middle market companies in the healthcare, education,
and financial services sectors. Vistria’s team is comprised of highly
experienced operating partners and private equity executives with proven
track records of working with management teams in building innovative
market leading companies.
About Apollo Global Management
Apollo Global Management, LLC is a leading global alternative investment
manager with offices in New York, Los Angeles, Houston, Chicago,
Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi,
Singapore, Hong Kong and Shanghai. Apollo Global Management had assets
under management of approximately $189 billion as of September 30, 2016
in private equity, credit and real estate funds invested across a core
group of nine industries where Apollo Global Management has considerable
knowledge and resources. Affiliates of Apollo Global Management have
significant experience managing investments in the education sector with
current and former private equity fund investments in leading companies
including McGraw Hill Education, Connections Academy and Sylvan Learning
Centers. The portfolio companies owned by funds managed by affiliates of
Apollo Global Management are managed and operate independently from one
another. For more information, please visit www.agm.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170201005914/en/
Source: Apollo Education Group, Inc.
For Apollo Education Group, Inc.:
+1 312 660 2059
Tripp Kyle / Tom Maginnis
+1 212 333 3810
Apollo Global Management:
Gary M. Stein
of Corporate Communications
Apollo Global Management, LLC
212 822 0467
Investor Relations Manager
Apollo Global Management, LLC
212 822 0540
Rubenstein Associates, Inc.
+1 212 843 8590
The Vistria Group:
+1 202 464 6900