NEW YORK: Burson-Marsteller was the only PR agency to work on the $25 billion sale of Sallie Mae to a coalition of private investors.
Sallie Mae, the student loan giant that was a quasi-governmental entity until 1997, was purchased this week by investors including JP Morgan Chase, Bank of America, and two private equity firms, Friedman Fleischer & Lowe and JC Flowers & Co.
Tom Kelly, head of retail and regional media relations for JP Morgan Chase, said that his company used Burson for media relations work surrounding the deal. The company also hired former John Kerry campaign communications head Stephanie Cutter for government relations work, he added.
Robert Stickler, SVP of communications for Bank of America, said Burson's work was on behalf of his company, as well.
Tom Joyce, VP of corporate communications for Sallie Mae, said that he handled the communications for the sale internally on his end, which meant "busy weekends; busy nights" while the deal was taking shape. He also said that no personnel changes are expected as a result of the sale.