PHOENIX--(BUSINESS WIRE)--Apollo Education Group, Inc. (NASDAQ: APOL) announced its wholly-owned subsidiary Apollo Global, Inc. closed on the acquisition of a majority interest in Sociedade Técnica Educacional da Lapa S.A., which offers educational programs under the name Faculdade da Educacional da Lapa (“FAEL”). Apollo Global, through a wholly-owned subsidiary, has acquired a 75 percent interest in the company for approximately R$73.8 million (USD $28.9 million based on current exchange rates).
“We are proud to welcome FAEL, a quality provider of post-secondary education in Brazil, to our global learning network,” said Greg Cappelli, Apollo Education Group Chief Executive Officer. “Aligned with our diversification strategy, our expansion into Brazil, one of the most vibrant countries in the world supporting higher education, advances our mission to serve adult learners and match student and employer needs worldwide.”
“FAEL, through its innovative teaching methods, is helping students throughout Brazil advance professionally,” said Curtis Uehlein, Apollo Global President. “The addition of FAEL to Apollo Global provides the opportunity to share best practices and expand FAEL’s high quality programs, including their online offerings.”
“We are pleased to join a strong network of world-class institutions of higher education,” said Luiz Silveira, Founder and CEO of FAEL. “We believe in the tremendous value of the partnership and look forward to the benefit of being part of this global organization, as well as the opportunity for FAEL to continue to enrich our offerings.”
Apollo Education Group expects the transaction to be slightly dilutive to its fiscal 2015 financial results and to be long-term value accretive.
About Apollo Education Group, Inc.
Apollo Education Group, Inc. is one of the world’s largest private education providers and has been in the education business since 1973. Through its subsidiaries: Apollo Global, Carnegie Learning, College for Financial Planning, University of Phoenix, and Western International University, Apollo Education Group offers innovative and distinctive educational programs and services, online and on-campus, at the undergraduate, master’s and doctoral levels. Its educational programs and services are offered throughout the United States and in Europe, Africa, Australia, Latin America, and Asia, as well as online throughout the world. For more information about Apollo Education Group, Inc. and its subsidiaries, call (800) 990-APOL or visit www.apollo.edu.
About Apollo Global, Inc.
Apollo Global was formed in 2007 to make investments primarily in the international education services sector. Apollo Global provides business and technology management, consulting and training and operational services in the fields of higher education and education administration to its network of schools. Apollo Global is a wholly-owned subsidiary of Apollo Education Group. Its education network includes BPP University in the United Kingdom, Milpark Education in South Africa, Open Colleges Australia, Universidad Latinoamericana in Mexico, Universidad de Artes, Ciencias y Comunicación in Chile and Bridge School of Management in India, developed through a joint venture with HT Media Limited, an Indian media company.
FAEL was established in 1998 to allow access to knowledge and quality education through innovative distance teaching methodology. Located in Lapa, within the metropolitan area of the city of Curitiba, in the state of Paraná, FAEL serves approximately 12,000 students and offers undergraduate and graduate programs online and through one campus and 113 accredited undergraduate learning centers covering all states in Brazil. FAEL is focused on providing blended learning offerings in the top three high-demand knowledge fields, including business, education, and technology.
Forward-Looking Statements Safe Harbor
Statements about Apollo Education Group and its business in this release which are not statements of historical fact, including statements regarding Apollo Education Group’s future strategy and plans and commentary regarding future results of operations and prospects, 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 plans implemented and actual results achieved may differ materially from those set forth in or implied by such statements due to various factors, including without limitation, unexpected expenses or other challenges in integrating the FAEL business into Apollo Global, consumer or regulatory impact arising from consummation of the FAEL acquisition, and unexpected changes or developments in the FAEL business. For a discussion of the various factors that may cause actual plans implemented and actual results achieved to differ materially from those set forth in the forward-looking statements, please refer to the risk factors and other disclosures contained in Apollo Education Group’s Form 10-K for fiscal year 2014 and subsequent quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission which are available at www.apollo.edu.