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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Student Loan Corp. (The) | NYSE:STU | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.44 | 0.00 | 01:00:00 |
From May 2019 to May 2024
Student Loan Corp. (STU) has agreed to sell its assets to a trio of buyers, including majority owner Citigroup Inc. (C), with Discover Financial Services (DFS) acquiring the private student-loan business for $600 million.
Meanwhile, SLM Corp. (SLM) -- commonly known as Sallie Mae -- will buy a $28 billion portfolio of securitized federal student loans while Citibank buys $8.7 billion of assets.
Holders of Student Loan -- 80% owned by Citi, will be paid $30 a share, a 42% premium to Thursday's closing price. The stock was above $30 as recently as early May.
Citi said it will record a $500 million loss on the sale in the third quarter.
The deal is set to close by year's end.
The divestiture comes as Citi has been shedding noncore assets and occurs amid big changes in the student-loan sector. A ban started July 1 that prevents private lenders from making federal student loans.
The deal will see Sallie Mae's loan management and servicing portfolio boosted 16% to $200 billion.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
1 Year Student Loan Chart |
1 Month Student Loan Chart |
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