Phoenix, Arizona, April 19, 2010 – Apollo Global, a majority-owned subsidiary of Apollo Group, Inc. (NASDAQ: APOL) today announced the addition of Western International University (“WIU”) to its education network as a result of an asset transfer from Apollo Group. The WIU transfer will allow it to better leverage the resources offered by a global education network and to establish a U.S. platform and degree offering internationally.
“Over the past year we have been making substantial investments in both the infrastructure and leadership of WIU and we believe that WIU will be able to better leverage the capabilities of Apollo Global’s international resources to serve both its U.S. and international students,” said Greg Cappelli, co-chief executive officer of Apollo Group and chairman of Apollo Global.
The transaction was structured as an asset transfer from Apollo Group to Apollo Global and included a capital contribution from Apollo Global’s minority shareholder, the Carlyle Group (“Carlyle”). The terms of the deal provide for an initial cash payment plus a future performance-based earn-out.
Dr. Alan Drimmer, president of WIU added, “We are looking forward to joining the global education network and leveraging the international expertise of both Apollo Global and Carlyle. We also look forward to the many collaboration opportunities with our sister-schools, all of which will help us achieve our mission of developing globally minded students.”
In joining the Apollo Global network, WIU will collaborate with BPP, a leading provider of education and training to professionals in the financial services and legal industries in the United Kingdom and Europe; UNIACC, an arts and communications university in Chile; and ULA, a communications, business, and medical university in Mexico.
Founded in 1978 in Phoenix, Arizona, WIU offers associate, bachelor and master degree programs to approximately 3,200 students. WIU provides a broad educational foundation, including a focus on business and technology, designed to prepare students for leadership positions in a dynamic, global marketplace. WIU has four campus locations in the greater Phoenix area and offers online education through its virtual campus, WIU Interactive OnlineSM.
About Apollo Global, Inc.
Apollo Global, Inc., formed in 2007, is a joint venture between Apollo Group, Inc. and private equity firm, The Carlyle Group. Apollo Global’s vision is to broaden student opportunity, grow the knowledge base of the communities it serves and advance the educational landscape worldwide. Apollo Global is a consolidated subsidiary of Apollo Group, Inc.
About Apollo Group, Inc.
Apollo Group, Inc. is one of the world’s largest private education providers and has been in the education business for more than 35 years. The Company offers innovative and distinctive educational programs and services both online and on-campus at the high school, undergraduate, master and doctoral levels through its subsidiaries: University of Phoenix, Apollo Global, Institute for Professional Development, College for Financial Planning and Meritus University. The Company’s programs and services are provided in 40 states and the District of Columbia; Puerto Rico; Canada; Latin America; and Europe, as well as online throughout the world (data as of February 28, 2010).
For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at www.apollo.edu.
Forward-Looking Safe Harbor
Statements in this press release which are not statements of historical fact, including statements regarding Apollo Group’s and Apollo Global’s business outlook, future financial and operating results, future enrollment, and overall future strategy and plans, are forward-looking statements, and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors. For a discussion of the various factors that may cause actual results to differ materially from those projected, please refer to the risk factors and other disclosures contained in Apollo Group’s previously filed Form 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission.