The parent company of the University of Phoenix announced Monday it would be acquired by a private consortium in a $1.1 billion deal.
Apollo Education Group Inc. (Nasdaq: APOL) was offered $9.50 per share by a group comprising Vistria Group LLC, Apollo Global Management LLC and private investment firm Najafi Cos.
The news comes roughly a month after Apollo Education announced it was considering a sale due to declining student enrollment, according to Reuters.
The per share price is more than 36 percent over the stock’s closing value of $6.98 on Friday.
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