University of Phoenix $1.1B merger closes, stops trading on Nasdaq
Feb 1, 2017, 10:59am MST
INDUSTRIES & TAGS Education
Phoenix Business Journal
John Sperling founded Apollo Education Group Inc., setting the stage for online learning for the working adult. He died in 2014 at the age of 93.
As expected, the $1.1 billion sale of Apollo Education Group Inc. (Nasdaq: APOL) closed today.
Now that the Phoenix-based operator of University of Phoenix and Western International University is owned by a consortium of investors, its stock is no longer traded on the Nasdaq.
Greg Cappelli will remain CEO for Apollo Education Group.
Peter Sperling — son of Apollo founder John Sperling (who died in 2014 at the age of 93)— has resigned as chairman of the board, according to Apollo's 8-K filed today with the U.S. Securities and Exchange Commission. Terri Bishop also resigned from her role as vice chair of the board.
Gregory Cappelli — who has served as Apollo's CEO since August 2012 and co-CEO since April 2009 — will continue to serve as the company's CEO and as a member of the board.
Tony Miller, COO and partner of The Vistria Group (one of the owners in the consortium that bought Apollo) is now chairman of the Apollo Education Group board.
Funds affiliated with Apollo Global Management LLC also are part of the consortium that now owns Apollo Education Group.
Shareholders will receive $10 a share in cash for both Class A and Class B shares.
Last week, the Higher Learning Commission approved the merger, marking the last regulatory approval needed for the $1.1 billion merger agreement.
Angela Gonzales covers health, biotech and education.