Financial Services Industry
Industry: Email Alert RSS FeedThis Month: Main News - Consortium Acquires US College Loans Provider In Controversial $25bn LBO.
Banker, The, May, 2007
The US's largest lender to college students, Sallie Mae (formally known as SLM Corporation) has agreed to be acquired by JPMorgan, Bank of America and private equity funds JC Flowers and Friedman Fleischer & Lowe for $25bn.
The deal will bring Sallie Mae under private control amid intense political scrutiny of the student-lending industry.
JC Flowers, the architect of the deal, and Friedman Fleischer & Lowe will invest $4.4bn in Sallie Mae and control 49.2% and 1% respectively.
JPMorgan and Bank of America will each own 24.9% and provide the financing for the transaction, which would be the largest leveraged buyout of a financial services company.
Although welcomed by the stock market (Sallie Mae's share price kept on rising in the...
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