Apollo Global to Acquire a Majority Interest in Open Colleges Australia
Apollo Education Group (NASDAQ: APOL) announced today its
wholly-owned subsidiary Apollo Global, Inc. has agreed to acquire Open
Colleges Australia Pty Ltd (“Open Colleges”), one of Australia's oldest
and largest providers of distance learning.
Apollo Global, through a wholly-owned subsidiary, has agreed to purchase
70 percent of the outstanding shares of Open Colleges for cash of
approximately A$110 million (US$98.5 million based on current exchange
rates), plus contingent payments of up to an aggregate of A$52.5 million
(US$47 million), principally based on 2014 operating results. Apollo
Global has an option to purchase the remaining 30 percent in the future.
“We are proud to welcome Open Colleges Australia into the Apollo