OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime customers responsible access to credit, and Jefferies Financial Group Inc. (NYSE: JEF) today announced they have reached a definitive agreement under which OneMain will acquire Foursight Capital LLC 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