Nelnet on Wednesday announced that it has completed its purchase of Great Lakes Educational Loan Services Inc. from Great Lakes Higher Education Corporation.
The Lincoln-based financial services company in October announced a deal to purchase the student loan-servicing company for $150 million, making it the largest acquisition in its history.
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However, in December, Nelnet said regulatory approval of the deal had been delayed because the U.S. Department of Justice requested more information. The company never disclosed what additional information was requested.
Great Lakes is based in Madison, Wisconsin, and has about 1,800 employees. Like Nelnet, it has contracts to service student loans for the government, and Nelnet said it will continue to service those contracts, as well as compete for future business under its existing brand.