Sallie Mae agreed late last night to be sold to JP Morgan Chase, Bank of America and two private equity firms for $25 billion, said people involved in the negotiations.
The deal would move the nation’s largest education lender, officially known as the SLM Corporation, into private control amid increasing turmoil for the company. The deal is expected to be announced today, these people said.
The other two private buyers are New York-based firms which have until now have kept a relatively low profile: J.C. Flowers & Company and Friedman Fleischer & Lowe. Together, the two firms will control 50.2 percent of the company, while the banks will own the rest.
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