Apollo and Vistria-backed University of Phoenix targets $1.2bn valuation in IPO

Apollo and Vistria-backed University of Phoenix targets $1.2bn valuation in IPO

Phoenix Education Partners, the owner of the University of Phoenix, is seeking a valuation of up to $1.17bn in its planned US IPO, providing a partial exit for private equity backers Apollo Global Management and Vistria Group, according to a report by Reuters. The sponsors are looking to raise up to $140m through the sale of 4.25 million shares priced between $31 and $33. Apollo will divest 3.55 million shares but retain majority voting control,…