Apollo Business Deal
Most Recently, Apollo Group Inc. announced an acquisition deal on 20th February 2008. Through this announcement, Apollo Group made it clear, that, Apollo Global Inc., which is a consolidated subsidiary of Apollo Group, is going to acquire UNIACC (Universidad de Artes Ciencias v Communication), arts and communications university of Chile.
Profile of UNIACC
This private arts and communications university of Chile was established in 1989. It operates through three campuses, which accommodate more than 3000 students.
Details of the Acquisition Deal
Through this acquisition deal, Apollo Global Inc. decided to buy 100% of UNIACC by paying $40 million. It should be mentioned here, that this acquisition deal is the first business deal of Apollo Global Inc.
It has been informed that, Apollo Global will pay the $40 million to UNIACC in parts. While one part of the payment will be made in cash, another part will be paid in four years, on the basis of multiple earnings.
Apollo Global Inc. expected the acquisition deal to be closed within 30 days of the deal announcement. In respect of this acquisition deal, Greg Cappelli, Chairman, Apollo Global Inc. opined, that as UNIACC possesses a premier brand name and a very efficient management team, its' acquisition, will help Apollo Global Inc. to expand internationally. On the other hand, Dr. Guiloff, President of UNIACC said that, after acquisition, UNIACC and Apollo Global Inc. will together work towards expansion of educational excellence in Chile. He also opined that, UNIACC's arts and communication expertise and Apollo's power of developing efficient online programs would ultimately raise the standard of higher education in Chile.