Apollo Global Management, LLC (NYSE: APO) along with Värde Partners, Inc. announced on Thursday that they have entered into a definitive agreement with Fortress Investment Group LLC to acquire its remaining equity interest in OneMain Holdings Inc. (NYSE: OMF).
Upon completion of the transaction, Apollo and Värde will own approximately 40.5 percent of OneMain, totaling around $1.5 billion.
Springleaf Holdings Inc., a company under Fortress, previously acquired OneMain last year for $4.25 billion from Citigroup Inc (NYSE: C).
Apollo is a global investment manager with offices around the world. As of September 30, 2017, Apollo had $242 billion assets under management in private equity, credit and real assets funds. Värde is a $13 billion global investment firm that specializes in finance, real estate, corporate, and other fields.
“We are tremendously excited for our managed funds, together with Värde, to acquire a significant position in OneMain,” said Matthew Michelini, a Partner at Apollo. “As one of America’s premier consumer finance companies, we believe OneMain is exceptionally well-positioned for continued growth and innovation.”
“With a clear path forward to achieve our long-term objectives, we are confident that the thought leadership and expertise represented by this new investor group will be instrumental as we build further shareholder value.” said Jay Levine, President and CEO of OneMain Holdings
The deal for OneMain comes shortly after it tried to sell itself last year. It also follows last weeks sale of Fortress to Softbank Group for $3.3 billion. Now, Fortress is looking to sell off its investments, according to Reuters.
The transaction is expected to close in the second quarter of 2018.