A consortium of investors now owns Apollo Education Group. The Phoenix-based company is now a private business, no longer trading on Nasdaq.
Investors include Tony Miller, who served as deputy secretary of the U.S. Department of Education during the Obama administration. He replaces Peter Sperling, the son of Apollo’s founder, as chairman of the board.
The $1.1 billion deal calls for shareholders to get $10 a share. In 2004, shares for Apollo Education Group peaked at nearly $96.
Increased competition and federal oversight led executives to call for a transformation, which they say will lead to the University of Phoenix and other Apollo schools being judged by graduation rates and job placements, not by size.
