(Photo by Christina Estes - KJZZ)

Apollo Education Group executive offices in Phoenix.

Apollo Education Group, the parent company of the University of Phoenix, is expected to be acquired by investors by August.

The deal calls for the investor consortium to pay $9.50 a share for outstanding shares. Last Friday, shares closed just under $7.

According to a company news release, Apollo’s Board of Directors says the deal is in the best interest of shareholders and strongly supports the company’s transformation efforts which inlcude enhancing student outcomes and providing career relevant education for working adults.

Over the past few years, the University of Phoenix has faced tougher federal scrutiny, increased competition and lower enrollment.