Apollo Global, a subsidiary of University of Phoenix parent Apollo Group Inc. that was formed to extend the company’s relatively small international presence, said it has approached European education company BPP Holdings about a possible acquisition.
The proposed purchase price for London-based BPP, which specializes in exam training for accountants, lawyers and other business professionals, as well as professional development, works out to about $447 million.
The company emphasized that it is still doing due diligence and that no offer has been made. Apollo said it disclosed the preliminary talks because of takeover-disclosure requirements in the United Kingdom.
Separately, Apollo earlier this week named Greg Cappelli as joint chief executive officer. He will share duties with Charles "Chas" Edelstein, who was named CEO in July. The position had been vacant before that.
Cappelli, 41, will oversee operations, strategy, external communications and Apollo Global. Edelstein will focus on finance, corporate development, human resources and legal issues.
Cappelli, a longtime Wall Street analyst covering Apollo and other for-profit education companies for Credit Suisse, joined Apollo in 2007. He most recently served as executive vice president of global strategy, assistant to the executive chairman and chairman of Apollo Global. He will retain the latter title. (Arizona Republic)