April 27, 2007
Loan Giant Sallie Mae Agrees to Buyout for $25-Billion
Sallie Mae, the student-loan giant, announced last week that it had agreed to be acquired by a consortium of two private-equity firms and two banks for $25-billion.
The $60-a-share buyout deal comes from J.C. Flowers & Company, of New York City, and Friedman Fleischer & Lowe, of San Francisco, which together will put up $4.4-billion for a collective 50.2-percent stake in the company, and from Bank of America and JPMorgan Chase & Company, which will each invest $2.2-billion
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