Secures Strategic Platform for Expansion in the UK and Europe
Apollo Group, Inc. (Nasdaq: APOL) (“Apollo Group” or “the Company”)
today announced that its 80.1%-owned subsidiary Apollo Global, Inc. has
agreed to acquire UK-based BPP Holdings plc (“BPP”) (LSE:BPP), a leading
provider of education and training to professionals in the legal and
finance industries. Apollo Global has agreed to purchase all of the
outstanding shares of BPP at 620 pence per share in cash, representing
an enterprise value of approximately $540 million. The transaction is
structured as a court-sanctioned acquisition arrangement under the laws
of the UK and is subject to court, shareholder and regulatory approval
and other customary closing conditions. The transaction, if approved, is
expected to close during Apollo Group’s fiscal fourth quarter. The
transaction terms and structure are described in more detail in a Form
8-K filed by Apollo Group today with the Securities and Exchange
Commission, which includes a copy of the announcement released in the UK
today by Apollo Global pursuant to applicable UK law.
The acquisition will provide Apollo Global with access to lifelong
learning programs in the UK’s professional education sector, establish a
significant UK and pan-European platform, and expand the range of
advanced degrees and cross border educational opportunities available to
its students.
“We’re thrilled to be joining forces with this outstanding educational
institution in the UK,” said Greg Cappelli, co-chief executive officer
of Apollo Group and chairman of Apollo Global. “The combination of our
brands, educational offerings and technological capabilities will
provide greater opportunities for students and employees of both
institutions. We look forward to working together and building upon the
success of this world class organization.”
"The offer provides an excellent opportunity for all of our
stakeholders,” said David Sugden, chairman of BPP Holdings. “For
shareholders, it presents an opportunity to realize an attractive
premium in cash for their shares. For our employees, it allows them to
continue their excellent work in making BPP a leading education
provider. For our customers, they will see our educational products
enhanced by the expertise that Apollo will provide.”
Founded in 1976 and based in London, England, BPP enjoys an excellent
reputation among business and legal communities throughout Europe.
