Vistria Group LLC and other investors agreed to buy Apollo Education Group Inc. (Nasdaq: APOL) for $1.1 billion in cash and take the education company private.
The buying consortium, which also includes funds affiliated with Apollo Global Management LLC and Najafi Companies, will pay $9.50 for both Class A and Class B shares, Phoenix, Arizona- based Apollo said in a statement on Monday. The price represents a 44 percent premium over the closing price on Jan. 8, the day before Apollo’s board said it was pursuing strategic alternatives, it said. Apollo’s board approved the planned transaction. Apollo Global and Apollo Education were not previously affiliated.