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Apollo Group Finalizes Sale for $1.14 Billion

February 2, 2017

As expected, a group of private investors have completed their $1.14 billion purchase of Apollo Education Group, the company announced Wednesday. The now-private Apollo, which had been publicly traded, owns the University of Phoenix. The U.S. Department of Education and Phoenix's regional accreditor, the Higher Learning Commission, previously signed off on the sale.

Tony Miller was an Education Department official during the Obama administration. He is the COO and a partner of the Vistria Group, one of Apollo's new owners, and now the chairman of Apollo's board.

"We believe we are uniquely positioned to enhance efforts by University of Phoenix and the other Apollo Education Group schools to improve student outcomes," Miller said in a written statement. "We are excited about that opportunity, and we look forward to sharing more about our vision for the future in the weeks and months ahead."

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Paul Fain

Paul Fain, Contributing Editor, came to Inside Higher Ed in September 2011, after a six-year stint covering leadership and finance for The Chronicle of Higher Education. Paul has also worked in higher ed P.R., with Widmeyer Communications, but couldn't stay away from reporting. A former staff writer for C-VILLE Weekly, a newspaper in Charlottesville, Va., Paul has written for The New York Times, Washington City Paper and Mother Jones. He's won a few journalism awards, including one for beat reporting from the Education Writers Association and the Dick Schaap Excellence in Sports Journalism Award. Paul got hooked on journalism while working too many hours at The Review, the student newspaper at the University of Delaware, where he earned a degree in political science in 1996. A native of Dayton, Ohio, and a long-suffering fan of the Cincinnati Bengals, Fain plays guitar in a band with more possible names than polished songs.

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