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Navient will pay $155M in cash and plans to maintain the Earnest brand as a separate unit. This is not a great outcome for investors as the business was was valued at $375M in 2015.
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The Wilmington, Del.-based company will pay $155 million in cash for Earnest. Navient plans to maintain the Earnest brand as a separate unit, which will be led by its co-founders, Louis Beryl and Ben Hutchinson.
https://www.wsj.com/articles/navient-to-buy-fintech-firm-earnest-for-155-million-1507147800
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