(Reuters) - NEW YORK/PHILADELPHIA, April 16 - Sallie Mae said on Monday it had accepted a $25 billion takeover bid from two private-investment funds along with JPMorgan Chase & Co. and Bank of America Corp. in one of the largest ever buyouts of a financial company.
The deal comes at a difficult time for the largest U.S. student loan company, which last week settled a regulatory investigation into some of its lending practices. It also could suffer if proposed legislation successfully reduces demand for privately underwritten student loans.
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