Sidley Reps Discover In $600M Student Loan Corp. Buy

Law360, New York (September 17, 2010, 2:31 PM EDT) -- Citigroup Inc. will sell its student lending business to Discover Financial for $600 million, along with about $28 billion in securitized federal student loans to Sallie Mae, as the beleaguered bank continues to strip itself of extraneous assets.

Discover will pay $30 per share for Citigroup's Student Loan Corp., according to the deal announced Friday. Sallie Mae will take the $28 billion in loans. And Citigroup, one of the banks hardest hit by the credit and mortgage meltdowns, will acquire $8.7 billion in securitized student loans...
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