Phoenix Education Partners completes IPO; Selling Stockholders sell 4.25M shares for $136M

Phoenix Education Partners, Inc.

Initial public offering closed Oct 10, 2025; Selling Stockholders sold 4.25M shares at $32/sh for $136M gross.
Underwriters exercised over-allotment option in full, selling 637,500 additional shares for $20.4M gross.
Company entered Stockholders' Agreement granting Apollo and Vistria board nomination rights and consent rights above 33% and 5% ownership thresholds.
Company converted from limited partnership to Delaware corporation named Phoenix Education Partners, Inc. effective upon IPO.
Prior management consulting and transaction fee agreements with Apollo and Vistria terminated upon IPO completion.

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