SLM Corp. agreed to be acquired by a consortium including J.C. Flowers & Co., Friedman Fleischer & Lowe LLC, New York-based JPMorgan Chase & Co. ($1.35 trillion) and Charlotte, N.C.-based Bank of America Corp. ($1.46 trillion) for $25 billion, or $60 per share, The Wall Street Journal reported April 16, citing sources familiar with the matter.

According to the publication, J.C. Flowers and Friedman Fleischer plan to acquire a 50.2% stake in the company, while JPMorgan and Bank of America will each take a 24.9% stake in the company.

UBS Investment Bank, Sandler O'Neill & Partners LP and Greenhill & Co. advised Sallie Mae, while Davis Polk & Wardwell provided legal advice. JPMorgan, Banc of America Securities LLC and Wachtell Lipton Rosen & Katz advised the buyer group. Sullivan & Cromwell LLP advised J.C. Flowers, the Journal reported.