Sallie Mae to Buy General Revenue Corp.
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USA Education Inc., commonly known as Sallie Mae, agreed to buy closely held General Revenue Corp. to gain the largest U.S. collection agency focusing on student-loan delinquencies. Terms weren’t disclosed.
Sallie Mae, the biggest buyer of U.S. government-guaranteed student loans, would gain about 800 clients, 730 of which are institutions of higher education.
Cincinnati-based General Revenue has about 450 employees. Reston, Va.-based Sallie Mae manages $72 billion in loans for about 7 million borrowers.
Shares of Sallie Mae rose $1.45 to $82.55 on the NYSE and have risen 34% in the last year.
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