Apollo Global Agrees to Acquire UK-based BPP Holdings plc
June 08 2009 - 3:01AM
Business Wire
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. The institution is organized into three business
divisions: (1) Professional Education, which provides certification
and continuing education; (2) College of Professional Studies,
which operates four law schools, human resource training and a
business school; and (3) Mander Portman Woodward (MPW), which
operates independent fifth and sixth form colleges (similar to
preparatory schools in the US). BPP is the first private sector
institution to have been granted degree awarding powers in the
UK.
�The UK is a large and growing market with strong student
participation rates and an increasing interest in online learning,�
added Mr. Cappelli. �Furthermore, the UK has a tremendous
international reputation for higher education and is the second
largest market in the world for international students pursuing
degrees. We believe this is an excellent market and company from
which to establish our European base.�
BPP�s focus on academic quality and student outcomes has allowed
it to maintain a high quality reputation amongst employers and
consumers. The company�s professional education business, fifth and
sixth form colleges, law school and the recently established
business school are all well positioned to take advantage of the
opportunities provided in the market.
About Apollo Group, Inc.
Apollo Group, Inc. has been an education provider for more than
30 years, providing academic access and opportunity to students
through its subsidiaries, University of Phoenix, Institute for
Professional Development, College for Financial Planning, Western
International University, Meritus University, Insight Schools and
Apollo Global. The Company's distinctive educational programs and
services are provided at the high school, undergraduate, graduate
and doctoral levels in 40 states and the District of Columbia;
Puerto Rico; Canada; Mexico; Chile; and the Netherlands, as well as
online throughout the world (data as of February 28, 2009).
For more information about Apollo Group, Inc. and its
subsidiaries, call (800) 990-APOL or visit the Company�s website at
www.apollogrp.edu.
About Apollo Global, Inc.
Apollo Global, Inc., a $1 billion joint venture formed in 2007,
is 80.1% owned by Apollo Group, Inc. and 19.9% owned by private
equity firm, The Carlyle Group. Apollo Global was formed with the
intention of making a range of investments in the international
education services sector. Apollo Global is a consolidated
subsidiary of Apollo Group, Inc.
About BPP Holdings plc
BPP is a leader in the provision of professional education and
training, and developing careers by helping people to attain and
build on professional qualifications. BPP provides its training and
professional education through three separate operating divisions:
BPP Professional Education, BPP College of Professional Studies and
Mander Portman Woodward (premium independent fifth and sixth form
colleges). In 2007 BPP College of Professional Studies was granted
degree awarding powers.
Forward-Looking Safe Harbor
Statements in this press release regarding Apollo Group�s
business outlook, future financial and operating results, future
enrollment, and overall future strategy and plans, are
forward-looking statements, and are subject to the Safe Harbor
provisions created by the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on current
information and expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
projected in such statements due to various factors. For a
discussion of the various factors that may cause actual results to
differ materially from those projected, please refer to the risk
factors and other disclosures contained in Apollo Group�s
previously filed Form 10-K, Forms 10-Q, and other filings with the
Securities and Exchange Commission.
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