News & Events

The Firm is representing Barclays Capital Inc. as financial advisor to Discover Financial Services (NYSE: DFS) in the acquisition by Discover’s banking subsidiary, Discover Bank, of The Student Loan Corporation ("SLC") for $600 million, or $30 per share. Separately and immediately prior to the closing of Discover's acquisition of SLC, SLC will sell $28 billion of assets to Sallie Mae and $9 billion of assets to Citibank. As a result of such dispositions, Discover will ultimately acquire SLC which will be comprised of $4.2 billion of private student loans and related assets. The amount to be paid by Discover for the private student loan assets is subject to a post-closing purchase price adjustment between Discover and Citibank, which owns 80% of SLC's outstanding common stock.

Discover Financial Services is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States.

The Simpson Thacher team includes Maripat Alpuche and Anthony Vernace.