Apollo Global Expands University Network with Addition of Western International University
April 19 2010 - 8:00AM
Business Wire
Apollo Global, a majority-owned subsidiary of Apollo Group, Inc.
(NASDAQ: APOL) today announced the addition of Western
International University (“WIU”) to its education network as a
result of an asset transfer from Apollo Group. The WIU transfer
will allow it to better leverage the resources offered by a global
education network and to establish a U.S. platform and degree
offering internationally.
“Over the past year we have been making substantial investments
in both the infrastructure and leadership of WIU and we believe
that WIU will be able to better leverage the capabilities of Apollo
Global’s international resources to serve both its U.S. and
international students,” said Greg Cappelli, co-chief executive
officer of Apollo Group and chairman of Apollo Global.
The transaction was structured as an asset transfer from Apollo
Group to Apollo Global and included a capital contribution from
Apollo Global’s minority shareholder, the Carlyle Group
(“Carlyle”). The terms of the deal provide for an initial cash
payment plus a future performance-based earn-out.
Dr. Alan Drimmer, president of WIU added, “We are looking
forward to joining the global education network and leveraging the
international expertise of both Apollo Global and Carlyle. We also
look forward to the many collaboration opportunities with our
sister-schools, all of which will help us achieve our mission of
developing globally minded students.”
In joining the Apollo Global network, WIU will collaborate with
BPP, a leading provider of education and training to professionals
in the financial services and legal industries in the United
Kingdom and Europe; UNIACC, an arts and communications university
in Chile; and ULA, a communications, business, and medical
university in Mexico.
Founded in 1978 in Phoenix, Arizona, WIU offers associate,
bachelor and master degree programs to approximately 3,200
students. WIU provides a broad educational foundation, including a
focus on business and technology, designed to prepare students for
leadership positions in a dynamic, global marketplace. WIU has four
campus locations in the greater Phoenix area and offers online
education through its virtual campus, WIU Interactive OnlineSM.
About Apollo Global, Inc.
Apollo Global, Inc., formed in 2007, is a joint venture between
Apollo Group, Inc. and private equity firm, The Carlyle Group.
Apollo Global’s vision is to broaden student opportunity, grow the
knowledge base of the communities it serves and advance the
educational landscape worldwide. Apollo Global is a consolidated
subsidiary of Apollo Group, Inc.
About Apollo Group, Inc.
Apollo Group, Inc. is one of the world's largest private
education providers and has been in the education business for more
than 35 years. The Company offers innovative and distinctive
educational programs and services both online and on-campus at the
high school, undergraduate, master and doctoral levels through its
subsidiaries: University of Phoenix, Apollo Global, Institute for
Professional Development, College for Financial Planning and
Meritus University. The Company's programs and services are
provided in 40 states and the District of Columbia; Puerto Rico;
Canada; Latin America; and Europe, as well as online throughout the
world (data as of February 28, 2010).
For more information about Apollo Group, Inc. and its
subsidiaries, call (800) 990-APOL or visit the Company’s website at
www.apollogrp.edu.
Forward-Looking Safe Harbor
Statements in this press release which are not statements of
historical fact, including statements regarding Apollo Group’s and
Apollo Global’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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