M&A: NAVIENT CORP

Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Merger

Type: New

Accession Number: 000114036124050166

Comments: On December 19, 2024, Navient Corporation entered into a Sale and Purchase Agreement with Gallant GAPS Holdings, LLC to sell its government services business, which includes various subsidiaries such as Navient Business Processing Group. This transaction, involving approximately 1,200 employees, is expected to close in the first quarter of 2025, pending customary closing conditions. Navient anticipates recognizing a loss between $25 and $35 million related to this sale and had previously reported the book value of the government services business to be around $50 million. Changes in the deal structure will now include approximately $20 million of deferred tax assets transferring to the buyer. This sale follows a previous transaction in September 2024 regarding the sale of healthcare services business, collectively representing the entirety of Navient’s Business Processing segment. A press release regarding the transaction was issued on December 23, 2024.

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