NELNET INC Reports Material Event

Nelnet, Inc. announced a definitive agreement for its wholly owned subsidiary Nelnet Canada, Inc. to acquire Finastra’s Canadian student loan servicing business for CAD $130 million (approximately USD $93 million) in cash.

Accepted by SEC EDGAR 10/23/2025 - 09:03 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Nelnet, Inc. announced a definitive agreement for its wholly owned subsidiary Nelnet Canada, Inc. to acquire Finastra’s Canadian student loan servicing business for CAD $130 million (approximately USD $93 million) in cash. The deal is expected to close in the first calendar quarter of 2026, subject to customary closing conditions.

The seller is DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited. The company furnished a press release as Exhibit 99.1. This transaction expands Nelnet’s presence in student loan servicing, adding Canadian operations under its platform once the acquisition closes.

Insights

M&A analyst

Cash acquisition of Canadian loan servicer for CAD $130M.

Nelnet Canada agreed to buy Finastra’s Canadian student loan servicing business for CAD $130 million (about USD $93 million) in cash. The transaction adds a defined servicing operation in Canada, contingent on customary closing conditions.

The deal is expected to close in the first calendar quarter of 2026. Closing and integration outcomes will depend on completing those conditions; the filing does not detail operational or financial targets.

Upon closing, scope and contribution will be clearer in subsequent disclosures, including any updates on servicing volumes or financial impacts tied to the acquired business.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

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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)

October 23, 2025

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 October 23, 2025, Nelnet, Inc. (the “Company”) issued a press release announcing it, along with Nelnet Canada, Inc. (“Nelnet Canada”), a wholly owned subsidiary of the Company, entered into a definitive and binding purchase agreement (the “Agreement”) with DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited (“Finastra”), pursuant to which Nelnet Canada will acquire Finastra’s Canadian student loan servicing business for a purchase price of CAD $130 million (approximately USD $93 million) in cash. The transaction is expected to close in the first calendar quarter of 2026, subject to customary closing conditions. A copy of the press release is furnished as Exhibit 99.1 to this report.

The above information and Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is furnished as part of this report:

Exhibit No.						Description
99.1*						Press Release dated October 23, 2025 - "Nelnet Canada to Acquire Canadian Student Loan Servicing Business"
104						Cover Page Interactive Data File (formatted as Inline XBRL and included as Exhibit 101).

* Furnished herewith

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: October 23, 2025                By:    /s/ JAMES D. KRUGER

Name:    James D. Kruger

Title:    Chief Financial Officer