Davis Polk advised the Transaction Committee of the Board of Directors of OneMain Holdings, Inc. in connection with the $1.4 billion all-cash sale of 54,937,500 shares of OneMain Holdings common stock held by an affiliate of Fortress Investment Group LLC to an investor group led by affiliates of Apollo Global Management, LLC and Värde Partners, Inc. Upon the closing of the transaction, the investor group will own approximately 40.5% of the outstanding common stock of OneMain Holdings.
OneMain Holdings is a consumer finance company providing loan products to customers through its nationwide branch network and online presence. OneMain Holdings operates one of the largest consumer finance branch networks in the United States, serving its customers through nearly 1,600 branches in 44 states. Fortress is a highly diversified global investment firm with $36.1 billion in assets under management as of September 30, 2017. Värde Partners is a global alternative investment adviser focused on investing capital and resources across multiple segments and markets.
The Davis Polk team included partners John H. Butler and Lawrence Portnoy and associates Martin Hui, Nicholas C. Phillips, Daisy Wu and Lina Peng. All members of the Davis Polk team are based in the New York office.