Apollo Education Shareholders OK Sale to Investors

Apollo Education Group Inc. announced Friday that its shareholders have approved a deal for the company to be purchased by a consortium of investors, including the Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Apollo, as the owner of the University of Phoenix, is a major player in for-profit higher education. Earlier this week, Apollo announced that the revised offer from the investors was worth $1.14 billion. The sale remains subject to review by the U.S. Education Department, the Higher Learning Commission (Phoenix's accreditor) and various other state and specialized accreditation bodies.