Fortress Investment Group’s Co-Chairman Wes Edens announced agreement to acquire OneMain Financial:
“As a significant shareholder of Springleaf, we believe this is a compelling transaction, both strategically and financially. It brings together two companies with similar cultures and exceptional management teams, singularly focused on meeting the everyday financing needs of an enormous population of working Americans.
This combination will create a premier consumer finance company, serving approximately 2.5 million customers, with $15 billion in assets, 2, 000 branches and a leading digital presence in the market.”
Fortress (NYSE:FIG) is global investment firm with $67.5 billion in assets under management. on behalf of over 1, 600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies.
Funds managed by Fortress own approximately 73 million shares of Springleaf.
The investment dates to August 2010, when Fortress agreed to purchase an 80% stake in American General Finance for approximately $125 million.
Springleaf completed an initial public offering on October 15, 2013 and trades on the New York Stock Exchange (NYSE: LEAF). Fortress has retained its ownership stake in the company.