NEW
YORK, Nov. 21, 2023 /PRNewswire/ -- OneMain
Holdings, Inc. (NYSE: OMF) ("OneMain"), the leader in offering
nonprime customers responsible access to credit, and Jefferies
Financial Group Inc. (NYSE: JEF) ("Jefferies") today announced they
have reached a definitive agreement under which OneMain will
acquire Foursight Capital LLC ("Foursight") from Jefferies for
$115 million in cash.
Founded in 2012, Foursight is an automobile finance company that
purchases and services automobile retail installment contracts
primarily made to near-prime borrowers across 38 states. Contracts
are sourced through an extensive network of dealers.
"Foursight is an attractive tuck-in acquisition giving us a
seasoned team, scalable technology, tested credit models, a
franchise dealer network and a high-quality loan portfolio to
support our disciplined expansion into the auto lending business,"
said Doug Shulman, Chairman and CEO
of OneMain. "I look forward to welcoming Mark Miller and the Foursight team to OneMain
and working together to continue to diversify and grow our suite of
lending products for hardworking Americans."
Nick Daraviras, Co-President of
Jefferies' Leucadia Asset Management platform said, "We thank
Mark Miller and the Foursight team
for their partnership in building this powerful business. We wish
them the best as they continue their development as part of
OneMain."
As part of the transaction, OneMain will acquire
Foursight's approximately $900
million loan portfolio. Foursight's approximately 200
employees are expected to join OneMain. The transaction is expected
to close in the first quarter of 2024, subject to customary closing
conditions and applicable regulatory approvals.
Jefferies LLC is serving as exclusive financial advisor and
Morgan Lewis & Bockius LLP is
serving as legal counsel to Jefferies.
Barclays Capital, Inc. is serving as exclusive financial advisor
and Covington & Burling LLP is serving as legal counsel to
OneMain.
About OneMain Holdings, Inc.
OneMain Financial (NYSE: OMF) is the leader in offering nonprime
customers responsible access to credit and is dedicated to
improving the financial well-being of hardworking Americans. We
empower our customers to solve today's problems and reach a better
financial future through personalized solutions available online
and in 1,400 locations across 44 states. OneMain is committed to
making a positive impact on the people and the communities we
serve. For additional information, please
visit www.OneMainFinancial.com.
About Jefferies Financial Group
Jefferies (NYSE: JEF) is a leading global, full-service
investment banking and capital markets firm that provides advisory,
sales and trading, research, wealth, and asset management services.
With more than 40 offices around the world, we offer insights and
expertise to investors, companies and governments. For more
information: www.jefferies.com
Cautionary Note Regarding Forward-Looking Statements
This document contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements preceded by, followed by or that otherwise include the
words "anticipates," "appears," "assumes," "believes," "can,"
"continues," "could," "estimates," "expects," "forecasts,"
"foresees," "goal," "intends," "likely," "objective," "plans,"
"projects," "target," "trend," "remains," and similar expressions
or future or conditional verbs such as "could," "may," "might,"
"should," "will" or "would" are intended to identify
forward-looking statements, but these words are not the exclusive
means of identifying forward-looking statements.
Forward-looking statements are not statements of historical fact
but instead represent only management's current beliefs regarding
future events, objectives, goals, projections, strategies,
performance, and future plans, and underlying assumptions and other
statements related thereto. You should not place undue reliance on
these forward-looking statements. By their nature, forward-looking
statements are subject to risks, uncertainties, assumptions and
other important factors that may cause actual results, performance
or achievements to differ materially from those expressed in or
implied by such forward-looking statements. Important factors that
could cause actual results, performance, or achievements to differ
materially from those expressed in or implied by forward-looking
statements include, without limitation, the following: the
possibility that the proposed acquisition does not close when
expected or at all because required regulatory approvals and other
conditions to closing are not received or satisfied on a timely
basis or at all; the delay in or failure to close for any other
reason; the possibility that any anticipated benefits from the
proposed acquisition may not be fully realized or may take longer
to realize than expected; the reaction to the proposed acquisition
of the companies' customers, employees and counterparties; and
other risks and uncertainties described in the "Risk Factors" and
"Management's Discussion and Analysis" sections of OneMain's and
Jefferies' most recent Form 10-K filed with the SEC and in
OneMain's and Jefferies' other filings with the SEC from time to
time.
If one or more of these or other risks or uncertainties
materialize, or if our underlying assumptions prove to be
incorrect, our actual results may vary materially from what we may
have expressed or implied by these forward-looking statements. You
should specifically consider the factors identified in this
document that could cause actual results to differ before making an
investment decision to purchase our securities. Furthermore, new
risks and uncertainties arise from time to time, and it is
impossible for us to predict those events or how they may affect
us.
Forward looking statements included in this document speak only
as of the date on which they were made. We undertake no obligation
to update or revise any forward-looking statements, whether written
or oral, to reflect events or circumstances after the date of this
document or to reflect the occurrence of unanticipated events or
the non-occurrence of anticipated events, whether as a result of
new information, future developments or otherwise, except as
required by law.
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SOURCE OneMain Holdings, Inc.