Nelnet Canada to Acquire Canadian Student Loan Servicing Business

Core Insights - Nelnet, Inc. has announced an agreement to acquire Finastra's Canadian student loan servicing business, expected to close in Q1 2026, subject to customary conditions [1][2]. Company Overview - Nelnet is a diversified company focused on consumer lending, loan servicing, payments, and technology, primarily in the education sector, with over 6,700 associates [6]. - Finastra is a global leader in financial services software, serving over 8,000 customers, including 45 of the world's top 50 banks, across more than 130 countries [7]. Transaction Details - The acquisition will enhance Nelnet's capabilities in servicing student loans, as the Canadian business currently services loans for 2.4 million borrowers using proprietary technology [2]. - The Canadian operations will continue to be led by Susan Tersigni and will remain headquartered in Mississauga, Ontario, employing over 450 staff [4]. Strategic Alignment - The acquisition aligns with Finastra's strategy to focus on core strengths while partnering with an experienced player in the industry, ensuring continued growth for the student lending business [5]. - Nelnet's CEO expressed excitement about leveraging their financial strength and loan servicing experience to support the Canadian team's mission [3].