Discover to Sell $10.1 Billion Private Student Loan Portfolio
DFSDiscover Financial Services(DFS) PYMNTS.com·2024-07-17 23:24

Discover Financial Services plans to sell its 10.1billion privatestudentloanportfolio.Thecompanys DiscoverBankenteredintoanagreementtoselltheportfoliotooneormorestrategicpartnershipsmadeupoffundsandaccountsmanagedbyglobalinvestmentfirms Carlyle and KKR,DiscoversaidinaWednesday(July17) pressrelease.Thepurchasepriceisexpectedtobeupto10.1 billion private student loan portfolio.The company’s Discover Bank entered into an agreement to sell the portfolio to one or more strategic partnerships made up of funds and accounts managed by global investment firms Carlyle and KKR, Discover said in a Wednesday (July 17) press release.The purchase price is expected to be up to 10.8 billion, according to the release.Subject to customary closing conditions, the transaction is expected to be completed by t ...