Carlyle, Apollo JV eyes education take-private

Education-focused Apollo Global – a joint venture between two buyout giants – is preparing a £304m bid for BPP, a London-listed provider of professional education to the legal, accounting and finance industries.

Apollo Global, a joint venture owned by private equity firms Apollo Group and The Carlyle Group, has made a preliminary approach to take private the London-listed professional education provider BPP Holdings.

The 620 pence per share offer represents a 70 percent premium over Wednesday’s share price, BPP said in a statement. It would value the group at £303.5 million (€340 million; $451 million).

Apollo Global was founded in 2007 and is 80.1 percent owned by Apollo Group with the remainder owned by Carlyle. It was established to invest in international education services and last year purchased a 65 percent stake in Carlyle Mexico Partners-owned Universidad Latinoamericana for an implied enterprise value of $47 million.

Listed on the London Stock Exchange, BPP provides education to the legal, accounting and financial sectors among others from locations across the UK and Europe. The business reported a turnover of £42 million for the first quarter of 2009, representing a 4 percent increase on the same period in 2008.