Apollo Education Group on Tuesday said its primary accreditor, the Higher Learning Commission, had signed off on the company's $1.14 billion sale to a group of three private equity firms.
The expected action by the commission, which accredits Apollo's University of Phoenix, clears the way for the change of ownership. Apollo said it expects the deal to close on Feb. 1.
The U.S. Department of Education approved the sale last month. But the feds added several conditions, including that it will monitor Phoenix's financial stability, graduation and retention rates, recruitment and monthly enrollments.
"The Higher Learning Commission looked deeply and carefully at this application to determine what was in the best interest of current and future students," Barbara Gellman-Danley, the Higher Learning Commission's president, said in a written statement. "We will closely monitor these institutions on a variety of fronts to help ensure the commitments made in the application to work on improving the quality of education and operations are maintained."
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