News Releases

Sallie Mae’s Spin-off of Navient Led by Baker Botts

Release

 

NEW YORK, May 5, 2014 -- On May 1, 2014, Sallie Mae (Nasdaq: SLM), formally SLM Corporation, announced the closing of its previously announced strategic separation of its loan management, servicing and asset recovery business, known as Navient, from its consumer banking business. Effective May 1, Navient (Nasdaq: NAVI) began trading on the NASDAQ under the symbol “NAVI”. Navient will join the S&P 500 Index. Navient is operating as an independent company, in which Sallie Mae will retain no ownership interest. Navient will service nearly $300 billion in student loans, providing customer support to assist 12 million customers. Sallie Mae Bank’s consumer banking business is continuing under the Sallie Mae brand and maintains a strong capital position and funding capabilities, managing a portfolio of approximately $6.5 billion high-quality, private education loans. At the time of the spin-off, Navient had a market capitalization of $7.1 billion. 

Baker Botts L.L.P. served as legal advisor for the transaction.



About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

Practices