University of Phoenix Parent Company To Go Private
The publicly-traded owner of the University of Phoenix – Apollo Education Group – has announced it is being taken private by a group of investors in a $1.1 billion deal, according to the Washington Post.
The agreement comes weeks after the company reported a decline in revenue and another round of layoffs at the for-profit college.
The deal is subject to shareholder approval, but has been approved by Apollo’s board. It must also get approval from the Department of Education, and the Higher Learning Commission.
Apollo reported an operating loss of $61 million in the quarter ending Nov. 30.