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December 8, 2016

U of Phoenix parent firm can be sold, if terms met

  • The deal would take the publicly traded company private and aims to turn around its struggling finances.
    • By COLLIN BINKLEY
    Associated Press

    The federal government will allow one of the nation's largest for-profit college companies to be sold only if the new owners put up $385 million as insurance and agree not to increase enrollment, among other terms.

    Apollo Education Group, the parent company of the University of Phoenix, agreed in February to be bought by a consortium of investors for $1.1 billion. The deal would take the publicly traded company private and aim to turn around its struggling finances. In its most recent fiscal year, it reported an operating loss of $65 million while enrollment at the University of Phoenix fell 23 percent.


     
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