"Nelnet on Thursday announced the largest acquisition in the history of the company," Lincoln Journal Star reports.
"The Lincoln-based company said it has entered into an agreement with Great Lakes Higher Education Corp. to buy its student loan servicing company, Great Lakes Educational Loan Services Inc., for $150 million.
'This is a perfect match of two student loan servicing organizations with closely aligned values anchored on delivering unparalleled customer experiences,' Jeff Noordhoek, Nelnet chief executive officer, said in a news release.
Noting that the two companies combined have more than 90 years of experience in the student loan industry, Noordhoek said they, 'now have the opportunity to transform student loan servicing for millions of borrowers, providing a consistent and unmatched borrower experience and the best technology for student loan servicing.'
Great Lakes, headquartered in Madison, Wisconsin, has 1,800 employees. Nelnet said the companies will continue to operate separately, with Great Lakes CEO Jeff Crosby staying in place.
Both have contracts with the federal government to service student loans until June 2019. Nelnet said they will continue to compete separately for that business in the future."
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Publication Date: 10/20/2017