Carlyle-Backed Apollo Global Offers To Buy BPP

LONDON (Reuters) – British education and training company BPP (BPP.L) said on Monday it had received an agreed cash offer from Apollo Global at 620 pence per share, valuing the business at 303.5 million pounds ($482.3 million).

The offer represents a 70 percent premium to BPP’s closing price on April 28, the day before it announced details of an approach by Apollo Global.

Altium Securities analyst Roddy Davidson said he considered the offer “generous” given the late cycle nature of BPP’s business, and concerns regarding possible weakness in bookings for legal and accountancy courses over the summer.

Apollo Global is 80.1 percent owned by U.S. education provider Apollo Group (APOL.O), with Carlyle Group [CYL.UL], holding the remaining 19.9 percent stake.

Shares in BPP had risen 8 percent to 613 pence at 0750 GMT.

($1=.6293 Pound)

(Reporting by Matt Scuffham)