Nelnet (NNI) closes CAD $130.5M Canadian student loan servicing acquisition

Rhea-AI Filing Summary

Nelnet, Inc. completed its previously announced acquisition of Finastra Holdings Limited’s Canadian student loan servicing business. The transaction closed on February 2, 2026 for total consideration of CAD $130.5 million, described as approximately USD $95 million, paid in cash and subject to customary adjustments.

The acquisition was executed through Nelnet Canada, Inc., a wholly owned subsidiary of Nelnet, under a definitive and binding purchase agreement dated October 22, 2025 with DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited. This expands Nelnet’s presence in the Canadian student loan servicing market.

Insights

Credit and specialty finance analyst

Nelnet closes a cash acquisition of a Canadian student loan servicing platform for CAD $130.5 million.

Nelnet, through wholly owned subsidiary Nelnet Canada, Inc., has completed the purchase of Finastra’s Canadian student loan servicing business. The consideration totals CAD $130.5 million, described as approximately USD $95 million, and is paid entirely in cash, subject to customary adjustments.

The acquired business is focused on Canadian student loan servicing, aligning with Nelnet’s core competency in education-related financial services. Structuring the deal through Nelnet Canada suggests an intention to build a localized operating footprint while keeping the parent company as the economic owner through its subsidiary structure.

Financial impact will depend on how quickly Nelnet integrates the platform and any customer relationships obtained through the transaction. Subsequent periodic reports from Nelnet may provide clarity on revenue contribution, integration costs, and any changes in segment disclosures following the February 2, 2026 closing.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 2, 2026

NELNET, INC.

(Exact name of registrant as specified in its charter)

Nebraska

001-31924

84-0748903

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

121 South 13th Street, Suite 100
Lincoln,			Nebraska						68508
(Address of principal executive offices)									(Zip Code)

Registrant's telephone number, including area code (402) 458-2370

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Class A Common Stock, Par Value $0.01 per Share			NNI			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                    ☐

Item 8.01 Other Events.

On February 2, 2026, Nelnet, Inc. (the “Company”), along with Nelnet Canada, Inc. ("Nelnet Canada"), a wholly owned subsidiary of the Company, completed its previously announced acquisition of Finastra Holdings Limited's Canadian student loan servicing business for total consideration of CAD $130.5 million (approximately USD $95 million) in cash, subject to customary adjustments, pursuant to the definitive and binding purchase agreement dated October 22, 2025, by and between Nelnet Canada and DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited (the "Acquisition Agreement").

The entry into the Acquisition Agreement was previously disclosed in the Company’s Current Report on Form 8‑K filed on October 23, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NELNET, INC.

Date: February 2, 2026                By:    /s/ JAMES D. KRUGER

Name:    James D. Kruger

Title:    Chief Financial Officer

FAQ

What acquisition did Nelnet, Inc. (NNI) complete on February 2, 2026?

Nelnet, Inc. completed the acquisition of Finastra Holdings Limited’s Canadian student loan servicing business. The deal was executed through Nelnet Canada, Inc., expanding Nelnet’s role in servicing education-related loans in the Canadian market under a previously signed definitive purchase agreement.

How much did Nelnet (NNI) pay for the Canadian student loan servicing business?

Nelnet agreed to pay total consideration of CAD $130.5 million, described as approximately USD $95 million, in cash. The amount is subject to customary adjustments under the terms of the definitive and binding purchase agreement between Nelnet Canada and DH Corporation.

Who were the parties involved in Nelnet’s Canadian servicing acquisition?

The acquisition was completed by Nelnet Canada, Inc., a wholly owned subsidiary of Nelnet, Inc. The seller was DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited. These parties entered into a definitive and binding purchase agreement dated October 22, 2025 governing the transaction.

When was Nelnet’s purchase agreement for the Canadian servicing business signed?

The definitive and binding purchase agreement for the Canadian student loan servicing business was dated October 22, 2025. Nelnet previously disclosed entering into this agreement and later reported completion of the transaction after closing on February 2, 2026 through an additional current report.

How was the consideration for Nelnet’s Canadian acquisition structured?

The consideration for the Canadian student loan servicing business was structured as cash of CAD $130.5 million, approximately USD $95 million. This cash amount is subject to customary adjustments, which typically reflect working capital or similar post-closing true-ups agreed in the purchase agreement.

Which Nelnet subsidiary is responsible for the Canadian student loan servicing business?

Nelnet Canada, Inc., a wholly owned subsidiary of Nelnet, Inc., is the entity that acquired the Canadian student loan servicing business. Using this subsidiary structure allows Nelnet to hold and operate the Canadian servicing assets while the U.S. parent company remains the ultimate owner of Nelnet Canada.