The University of Phoenix is getting a Chilean cousin. Apollo Group Inc., the parent company of Phoenix, announced today that it was buying a 3,000-student university in Santiago, Chile’s capital, for as much as $49-million.
The purchase is the first for Apollo Global, the $1-billion subsidiary that the company formed in October with the Carlyle Group, a major private-equity fund. Apollo owns just over 80 percent of the subsidiary.
Apollo said it would pay $40-million for the University of Arts, Sciences, and Communication, and up to $9-million more after four years, depending on the institution’s earnings.
In announcing the deal, Apollo said the for-profit Chilean university, founded in 1989, was a good fit for the company. The university, which offers 18 bachelor’s and two master’s programs, in 2004 became the first in Chile to offer a fully online undergraduate program. —Goldie Blumenstyk