Key Developments For Apollo Group, Inc.
Apollo Group, Inc. (APOL.O) (Nasdaq)
Apollo Group Inc. Comments On Long Term Outlook-Conference Call
Apollo Group Inc. announced that in the long term, it expects revenue to grow in the low double-digits and operating income growth in the mid teens.
Apollo Group Inc. Says SEC Begins Informal Probe-Reuters
Reuters reported that Apollo Group Inc. said that regulatory authorities have launched an informal inquiry over its revenue recognition practices.
Apollo Group Inc.'s Apollo Global, Inc Completes Acquisition Of BPP Holdings plc
Apollo Group Inc. announced that its majority-owned subsidiary Apollo Global, Inc. has completed the previously announced acquisition of UK-based BPP Holdings plc. In accordance with the previously announced terms of the transaction, Apollo Global purchased all of the outstanding shares of BPP at 620 pence per share in cash. At current exchange rates, the purchase price for BPP, including assumed term debt and seasonally drawn revolver, as well as transaction related expenses, less cash acquired, is approximately $607 million. The transaction, less net debt assumed, is being funded by an intercompany loan of approximately $104 million from Apollo Group to Apollo Global, $375 million in capital contributions from Apollo Group and $55 million in capital contributions from Apollo Global`s minority shareholder, the Carlyle Group.
BPP Holdings plc Updates On Recommended Acquisition By Apollo Group Inc.'s Apollo UK Acquisition Company Limited
BPP Holdings plc announced that the Scheme of acquisition by Apollo Group Inc.'s Apollo UK Acquisition Company Limited has become effective in accordance with its terms following registration of the Court order. The listing of BPP Holdings plc shares on the Official List and trading of BPP shares on the London Stock Exchange's main market will be cancelled with effect on August 20, 2009.
Apollo Group Inc. Agrees to Acquire UK-based BPP Holdings plc
Apollo Group Inc. announced that its 80.1% owned subsidiary Apollo Global, Inc. has agreed to acquire UK-based BPP Holdings plc (BPP), a provider of education and training to professionals in the legal and finance industries. Apollo Global has agreed to purchase all of the outstanding shares of BPP at 620 pence per share in cash, representing an enterprise value of approximately $540 million. The transaction is structured as a court-sanctioned acquisition arrangement under the laws of the UK and is subject to court, shareholder and regulatory approval and other customary closing conditions. The transaction, if approved, is expected to close during Apollo Group`s fiscal fourth quarter.
