Investor Group Led by Funds Affiliated with Apollo Global Management and Värde Partners Announce the Closing of the Previously Announced Transaction to Acquire a Significant Position in OneMain Holdings
NEW YORK & MINNEAPOLIS--(BUSINESS WIRE)-- An investor group led by funds managed by affiliates of Apollo Global Management, LLC (“Apollo”) (NYSE:APO) and Värde Partners, Inc. (“Värde”) completed the previously announced acquisition of an approximately 40.5% equity interest in OneMain Holdings, Inc. (“OneMain”) (NYSE:OMF) from investment funds managed by an affiliate of Fortress Investment Group LLC for $26.00 per share.
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Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $247 billion as of March 31, 2018 in credit, private equity, and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.
About Värde Partners
Värde Partners is a $13 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including specialty finance, real estate, corporate credit, mortgages, energy, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.
About OneMain Holdings, Inc.
OneMain Holdings, Inc. (NYSE: OMF) is America’s premier consumer finance company, offering responsible and transparent personal loan products for over 100 years. The company provides personalized, best-in-class service at their 1,600+ branches and online. OneMain has more than 10,000 team members, located throughout 44 states, who are dedicated to serving and supporting the communities where they live and work. For additional information, please visit OneMainFinancial.com.
Forward Looking Statements
This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2018, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.
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Apollo Global Management
Apollo Global Management, LLC
Gary M. Stein, (212) 822-0467
Head of Corporate Communications
Apollo Global Management, LLC
Noah Gunn, (212) 822-0540
Investor Relations Manager
For media inquiries:
Rubenstein Associates, Inc. for Apollo Global Management, LLC
Charles Zehren, (212) 843-8590
Communications and Public Affairs
+44 (0) 203 371 2208
Kathryn Miller, 475-619-8821
Source: Apollo Global Management, LLC and Värde Partners and OneMain Holdings, Inc.
Released June 25, 2018