OneMain Holdings (NYSE:OMF) has entered into an agreement to acquire Foursight Capital LLC, a subsidiary of Jefferies Financial Group (NYSE:JEF), in a cash transaction valued at $115 million. This strategic move is set to bolster OneMain's presence in the auto lending sector, particularly focusing on nonprime customers.
The acquisition brings a $900 million loan portfolio under OneMain's umbrella and will see approximately 200 Foursight employees transition to OneMain. Foursight Capital, established in 2012, has carved out a niche serving near-prime borrowers across 38 states. It is recognized for its scalable technology and strong dealership network.
This deal is anticipated to enhance OneMain's offerings by providing personalized solutions to a broader customer base and reflects the company's disciplined approach to expansion. The integration of Foursight’s seasoned team and their proven credit models is expected to align seamlessly with OneMain's mission.
The transaction is scheduled to be finalized by the first quarter of 2024, pending regulatory approvals and satisfaction of other customary closing conditions. Financial advisory services for this acquisition are being provided by Barclays (LON:BARC) Capital Inc. for OneMain, and Jefferies LLC for the seller. On the legal front, Morgan Lewis & Bockius LLP and Covington & Burling LLP are offering counsel to their respective clients involved in the deal.
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