The country’s largest for-profit university may be about one week from going private.
The Higher Learning Commission voted to approve the sale of University of Phoenix's parent group to investors, according to a letter from HLC. The $1.1 billion sale includes Apollo Education Group's three institutions; University of Phoenix, Western International University, and College for Financial Planning.
It's been months in the making. The U.S. Department of Education signed off on the proposed sale last month.
According to HLC, the transaction comes with a number of conditions:
The HLC conditions include each institution hosting a peer review visit within six months of the transaction close to focus on delivery of any commitments made in the Change of Control application. The visit also will evaluate compliance with HLC’s Core Components.
All three institutions will submit quarterly reports to HLC including the following information:
• Quarterly financials
• Information regarding any governmental investigation, enforcement actions, or
• Student retention and completion measures
• Copies of any information sent to the USDE
HLC monitoring will continue as long as the USDE maintains its reporting requirement.
According to an SEC filing by Apollo Education Group, closing of the sale is expected Feb. 1.