Ascensus To Take Over Sallie Mae's College Savings Biz

Law360, New York (September 26, 2013, 7:41 PM EDT) -- Ascensus Inc., the U.S.' largest independent retirement plan provider, has agreed to buy Sallie Mae's 529 college savings plan business, Upromise Investments, the companies announced Wednesday.

Ascensus said it hoped to expand into the lucrative college savings market through the transaction, while Sallie Mae said it wanted to refocus on its core student loan businesses. If the deal passes regulatory approval, it will close by the year's end. The terms of the deal were not disclosed.

"This acquisition expands our record-keeping footprint into the college savings...
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