DALLAS - Affiliated Computer Services Inc. said Friday that it had reached a deal to buy FleetBoston Financial Corp.'s student loan processing subsidiary, AFSA Data Corp., for $410 million.
The transaction is expected to close in June, Affiliated said.
AFSA is headquartered in Long Beach, Calif., and has more than 3,500 employees. It handles a student loan portfolio of 8.1 million borrowers with outstanding loans of approximately $85 billion. AFSA is a business process outsourcer for federal, state, and local governments for a number of health and human services programs, including Medicare, Medicaid, children's health insurance, and welfare-to-workforce services.
"The acquisition of AFSA furthers our objective of becoming the premier provider of business process outsourcing services," said Jeff Rich, Affiliated's president and chief executive officer.
