A sign sits at the entrance of the Discover Financial Services corporate headquarters campus on February 19, 2024 in Riverwoods, Illinois.
Scott Olson | Getty Images
Discover Financial Services said on Wednesday it had sold a private student loan portfolio for up to $10.8 billion to private equity firms Carlyle and KKR.
The company, which had been weighing a sale of the portfolio since November last year, is one of a handful of lenders that have exited the space in recent years.
The deal is expected to be completed by the end of 2024, Discover said.
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