Sallie Mae spinoff approved

• The board of Sallie Mae (NASDAQ:SLM) gives the green light to the spinoff of Navient (NAVI) - its legacy private and student loans business - from its consumer banking operations. The spinoff will take the form of a dividend of Navient common stock to on April 30 to shareholders of record on April 22.
• Owners will receive one share of NAVI for every share of SLM they own.
• Press release