Sallie Mae (SLM), formally SLM Corp., a consumer banking company, on Monday entered into a $200 million accelerated share repurchase agreement with Goldman Sachs & Co. LLC, The Goldman Sachs Group, Inc. (GS).
The agreement is expected to be completed before the end of the second quarter of 2026.
The share repurchase will be conducted under the company's $500 million share repurchase program authorized by its board on Jan. 22.
Sallie Mae said it will prefund the $200 million accelerated share repurchase on March 10 and expects to receive and retire a significant portion of the shares shortly after execution.
The final number of shares repurchased will be based on the volume-weighted average price of the company's common stock during the term of the agreement.
In the pre-market trading, Sallie Mae is 0.10% higher at $19.11 on the Nasdaq.
In the pre-market trading, Goldman Sachs is 1.64% lesser at $807.64 on the New York Stock Exchange.
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