Sallie Mae shareholders approve sale - East Bay Business Times:

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BofA is part of an investoe group led by of New York that has agreed topay $25 billiomn for Sallie Mae. When the transactio n is complete, J.C. Flowers, along with private-equit firm , will invest $4.4 billionj and own 50.2 percent of Sallie Mae. Charlotte, N.C.-based BofA (NYSE: BAC) and (NYSE: JPM) will each inves t $2.2 billion and each will own 24.9 percent. Sallie Mae manages $153 billion in education loans and serves nearlh 10million customers. The company will continue to originat student loans under its internal brands and will remain headquarterexdin Reston, Va. About a week ago, Sallie Mae said in a statemenr that itsbuyout "can and should be consummated in October.
" Last month Sallie Mae said the group hopingf to buy the companh believed the transaction could fall through becausr of legislation before the U.S. Congress. That measurew would cut subsidies paid by the governmentyto student-loan providers such as Sallie Mae. The investo r group continues to believe the bills being considerexd by Congress could affectthe deal. Sallie Mae has said it strongly disagrees with that assertion and will proceede toward the closing of the deal as quicklhyas possible.