Apollo, Blackstone Said in Talks to Buy Wells’ Student Loan Book

A group that includes private equity firms Apollo Global Management Inc. and Blackstone Group Inc. is in talks to acquire Wells Fargo & Co.’s student loan portfolio, according to people familiar with the matter.

The parties could reach a deal within weeks, said one of the people, who asked to not be identified because the matter isn’t public. A final decision hasn’t been made and discussions could still fall through, the people said.

The loans, whose borrowers have an average FICO score of 768, rank as high quality and would be serviced by Nelnet Inc., the student loan ...