Apollo Global, a joint venture between private equity firm The Carlyle Group and education provider Apollo Group, has taken over London Stock Exchange-listed BPP Holdings in a deal worth 303.5 million (€352 million).
Apollo Global agreed to purchase all of the outstanding shares of BPP at 620 pence per share in cash.
BPP provides education and training to professionals in the legal, financial and marketing industries. It is sole supplier to the City LPC (Legal Practice Course) consortium, providing training to Freshfields Bruckhaus Deringer, Herbert Smith, Lovells, Norton Rose and Slaughter and May.
Apollo Group owns and operates several American educational institutions, including the University of Phoenix.
“We’re thrilled to be joining forces with this outstanding educational institution in the UK,” says 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 organisation.”
“The offer provides an excellent opportunity for all of our stakeholders,” says 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.”
The deal is expected to close at the end of next month.
Apollo Global is 80.1% owned by Apollo Group and Carlyle owns the remaining stake.
D.C.