Navient sells Healthcare Services (Xtend) to CorroHealth for $365M cash

NAVIENT CORP

Purchase price: $365 million cash, subject to customary adjustments.
Transaction expected to close by end of September 2024; ~950 employees to join CorroHealth.
Book value of healthcare business as of June 30, 2024 was ~$136M (incl. $113M goodwill/intangibles).
Sale supports Navient's plan to simplify and reduce expense base; still in discussions on Government Services sale.
Govt Services business book value was ~$192M (incl. $138M goodwill/intangibles) as of June 30, 2024.

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