Navient will acquire approximately $6.9 billion in education loan assets from JPMorgan Chase
April 18 2017 - 4:18PM
Navient (Nasdaq:NAVI), a leading asset management and business
processing services firm announced today it has reached an
agreement to purchase JPMorgan Chase’s (NYSE:JPM) approximately
$6.9 billion education loan portfolio.
“We welcome our new customers, and we commit to delivering
best-in-class support to ensure a seamless transition,” said Jack
Remondi, president and CEO, Navient. “Leveraging our 43-year track
record of helping borrowers succeed, we will provide ongoing
assistance to help our new customers continue to successfully
manage their education loans. The transaction delivers on our
business strategy and is a win-win for our company and our
customers.”
The portfolio is comprised of approximately $3.7 billion in
federally guaranteed student loans, of which $1.6 are securitized,
and approximately $3.2 billion in whole private education
loans.
Customers do not need to take any action at this time, and their
servicing contacts remain unchanged. Navient anticipates converting
the loans to its servicing platforms in the future, and will
provide multiple consumer-tested personalized communications at the
appropriate time.
Closing of the acquisition is contingent upon the completion of
certain customary closing conditions and is currently anticipated
to occur in stages in the second quarter 2017. The transaction is
expected to be accretive to Navient in 2017.
About NavientNavient (Nasdaq:NAVI) is a Fortune
500 company that provides asset management and business processing
solutions to education, healthcare, and government clients at the
federal, state, and local levels. The company helps its clients and
millions of Americans achieve financial success through services
and support. Headquartered in Wilmington, Del., Navient employs
team members in western New York, northeastern Pennsylvania,
Indiana, Tennessee, Texas, Virginia, and other locations. Learn
more at navient.com.
Contact:
Media:
Nikki Lavoie, 302-283-4057, nikki.lavoie@navient.com
Shannon O’Reilly, shannon.oreilly@jpmchase.com
Investors:
Joe Fisher, 302-283-4075, joe.fisher@navient.com
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