Apollo Closes $607M Purchase of London Firm

Apollo Group Inc.’s global subsidiary has paid $607 million for London-based BPP Holdings, a provider of education and training to legal and finance professionals.

Apollo Group owns 86.1 percent of Apollo Global Inc. with Carlyle Group being a minority shareholder.

For the nine months ended May 31, Apollo Group (Nasdaq:APOL) reported net income of $507 million on net revenue of $2.9 billion. That’s up from net income of $246 million on $2.3 billion in net revenue during the same period in 2008.

The Phoenix company’s stock closed at $69.40 the day of the announcement. Its 52-week range is $48.30 to $90 a share.

Degree enrollment increased to 420,700 for the first quarter of 2009, up 21.8 percent from 345,300 during the same period in 2008. (Phoenix Business Journal)

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