Sallie Mae to Buy General Revenue Corp.

USA Education Inc., commonly known as Sallie Mae, agreed to buy closely held General Revenue Corp. to gain the largest U.S. collection agency focusing on student-loan delinquencies. Terms weren’t disclosed.

Sallie Mae, the biggest buyer of U.S. government-guaranteed student loans, would gain about 800 clients, 730 of which are institutions of higher education.

Cincinnati-based General Revenue has about 450 employees. Reston, Va.-based Sallie Mae manages $72 billion in loans for about 7 million borrowers.

Shares of Sallie Mae rose $1.45 to $82.55 on the NYSE and have risen 34% in the last year.