(Reuters) -The owner of the University of Phoenix is targeting a valuation of up to $1.2 billion in its U.S. initial public offering, it said on Tuesday, setting the stage for its stock market return after more than eight years.<\/p>\n
Existing stockholders of Phoenix Education Partners are seeking up to $140.3 million by offering 4.25 million shares priced between $31 and $33 apiece.<\/p>\n
Private capital firm Apollo Global is selling 3.55 million shares, while investment firm Vistria Group is offloading 0.7 million shares.<\/p>\n
The IPO pickup has lately broadened out to private equity deals, with a steady stream of sponsor-backed companies hitting the new listings market in recent months.<\/p>\n
The University of Phoenix, founded in 1976 by John Sperling, provides post-secondary education services, mainly to working adults in the U.S.<\/p>\n
The Phoenix, Arizona-based university currently offers 72 degree-granting and 33 non-degree certificate programs across disciplines.<\/p>\n
DROPPED SALE<\/p>\n
Phoenix Education’s predecessor, Apollo Education Group, was taken private in 2017 in a $1.1 billion deal by a consortium including Vistria and Apollo.<\/p>\n
The university, under Apollo and Vistria’s stewardship, exited non-core programs and divested some operations, including several international schools that it shared administrative resources with.<\/p>\n
In 2023, a non-profit affiliated with the University of Idaho agreed to acquire the operations of the University of Phoenix for $550 million. But the parties walked away from the deal earlier this year.<\/p>\n
Apollo will continue to control a majority of Phoenix Education’s voting power after the offering.<\/p>\n
Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies are the lead underwriters for the offering. Phoenix Education will list on the New York Stock Exchange under the symbol “PXED”.<\/p>\n
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D’Silva and Shailesh Kuber)<\/p>\n","protected":false},"excerpt":{"rendered":"(Reuters) -The owner of the University of Phoenix is targeting a valuation of up to $1.2 billion in…\n","protected":false},"author":3,"featured_media":266469,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5131],"tags":[5229,138961,138963,5643,1587,511,1589,76119,67,586,132,5230,62173,68,2969,138962],"class_list":{"0":"post-266468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-phoenix","8":"tag-america","9":"tag-apollo-education-group","10":"tag-apollo-global","11":"tag-arizona","12":"tag-az","13":"tag-initial-public-offering","14":"tag-phoenix","15":"tag-phoenix-education","16":"tag-united-states","17":"tag-united-states-of-america","18":"tag-unitedstates","19":"tag-unitedstatesofamerica","20":"tag-university-of-phoenix","21":"tag-us","22":"tag-usa","23":"tag-vistria-group"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115293212492383883","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/266468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=266468"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/266468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/266469"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=266468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=266468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=266468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}