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The Associated Press August 2, 2011, 7:01PM ET

Apollo Group to acquire Carnegie Learning for $75M

Apollo Group Inc., the nation's largest for-profit college chain, said Tuesday that it has agreed to acquire Carnegie Learning Inc., a publisher of research-based math curricula, for $75 million.

In a separate transaction, Apollo said it will acquire related technology from Carnegie Mellon University for $21.5 million, payable over a 10-year period.

The acquisitions allow Apollo to accelerate its efforts to incorporate adaptive learning into its academic platform and to provide tools to help raise student achievement in mathematics, which supports improved retention and graduation rates.

Apollo's holdings include the University of Phoenix.

Carnegie Learning will operate as a subsidiary of Apollo Group.

Apollo anticipates the acquisitions will add value over the long term, but will result in charges of 7 cents per share to 9 cents per share to earnings in fiscal 2012. The acquisitions are anticipated to be completed during the first quarter of fiscal 2012.

Apollo shares fell 45 cents to $49.57 in after-hours trading, after closing down 91 cents, or 1.8 percent, at $50.02 in regular trading Tuesday.

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