RESTON, Va. - (09/20/04) -- Student loan giant SLM Corp., betterknown as Sallie Mae, said Friday it has agreed to acquire amajority stake in Arrow Financial Services LLC. The Niles,Ill.-based company purchases charged-off debt, conduct collectionsand offers third-party receivables services to consumer creditcompanies. The company employs 1,400 people at five facilitiesnationwide and will retain its current management. Terms of thedeal were not disclosed. Under the agreement, SLM has an option toacquire the rest of Arrow Financial over the next threeyears.
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