Monday, June 8, 2009, 6:12pm MST
Apollo expands in U.K. on $540M deal
Phoenix Business Journal - by Angela Gonzales
Apollo Group Inc. is expanding into the U.K.
The Phoenix education company’s subsidiary, Apollo Global Inc., has agreed to acquire UK-based BPP Holdings, which trains professionals in the legal and financial industries. Apollo (Nasdaq:APOL) will purchase all the outstanding shares of BPP at 620 pence per share in cash, representing an enterprise value of about $540 million. The deal, which is subject to UK court, shareholder and regulatory approval, is scheduled to close during the fourth quarter.
Apollo will release its fiscal 2009 third-quarter results after the market closes on June 29.
For the six months ended Feb. 28, Apollo reported net income of $306 million on $1.8 billion. That’s an increase from $108 million in net income on $1.5 billion during the same period a year earlier.
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