University of Phoenix Set for IPO After University of Idaho Deal Falls Through
The University of Phoenix, a major player in the for-profit education sector, is poised to enter the public market. This development follows a recent setback involving a failed acquisition attempt by the University of Idaho.
A recent SEC filing indicates that the University of Phoenix is preparing for an initial public offering (IPO), marking a significant shift in its business strategy.
Earlier this year, the University of Idaho had expressed intentions to purchase the for-profit institution for a sum of $685 million. However, this acquisition was halted when the Idaho attorney general filed a lawsuit. The lawsuit alleged violations of open meeting laws, which ultimately led the Idaho State Board of Education to cancel the proposed deal.
As a result of the terminated acquisition, the University of Phoenix incurred over $12 million in legal fees payable to the University of Idaho.
In a related history, the University of Phoenix previously reached a $190 million settlement with the Federal Trade Commission (FTC) in 2019 over claims of deceptive advertising. Despite the settlement, the university did not admit to any wrongdoing as part of the agreement.
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