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OneMain (OMF) Closes Foursight Deal Amid Auto Expansion Move
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OneMain Holdings, Inc. (OMF - Free Report) has completed its previously announced deal to acquire Foursight Capital LLC from Jefferies Financial Group Inc. (JEF - Free Report) . As part of its efforts to expand into the automobile lending business, OMF announced the transaction in November 2023.
Being an automobile finance company, Foursight purchases and services automobile retail installment contracts primarily made to near-prime borrowers across 38 states. The contracts are sourced through an extensive network of dealers.
OneMain, which is the leader in offering non-prime customers responsible access to credit, acquires Foursight’s $900 million of loan portfolio. Nearly 200 Foursight employees will join OMF.
At the time of the deal announcement, Doug Shulman, the chairman and CEO of OneMain, stated, “Foursight is an attractive tuck-in acquisition giving us a seasoned team, scalable technology, tested credit models, a franchise dealer network and a high-quality loan portfolio to support our disciplined expansion into the auto lending business. I look forward to welcoming Mark Miller and the Foursight team to OneMain and working together to continue to diversify and grow our suite of lending products for hardworking Americans.”
At the same time, Nick Daraviras, the co-president of Jefferies’ Leucadia Asset Management platform, said, “We thank Mark Miller and the Foursight team for their partnership in building this powerful business. We wish them the best as they continue their development as part of OneMain.”
Over the past six months, OMF shares have gained 33.8% compared with the industry’s 47.9% rally.
Capital Bancorp, Inc. (CBNK - Free Report) and Integrated Financial Holdings, Inc. have jointly announced a definitive merger agreement, in which CBNK will acquire Integrated Financial in a cash and stock transaction valued at $66 million.
The strategic merger between the two companies is likely to create synergies, improve competition and increase growth opportunities.
The transaction will establish a best-in-class nationwide lender in government-guaranteed lending across the U.S. Department of Agriculture and the U.S. Small Business Administration programs. The merger will also enable CBNK to leverage Integrated Financial’s preeminent government-guaranteed servicing platform, Windsor Advantage. The bank is set to benefit from the opportunities in this expanding niche market.
The deal is expected to be completed in the second half of 2024, subject to the approval of CBNK and Integrated Financial’s shareholders, regulatory approvals, and the fulfillment of other customary closing conditions.
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OneMain (OMF) Closes Foursight Deal Amid Auto Expansion Move
OneMain Holdings, Inc. (OMF - Free Report) has completed its previously announced deal to acquire Foursight Capital LLC from Jefferies Financial Group Inc. (JEF - Free Report) . As part of its efforts to expand into the automobile lending business, OMF announced the transaction in November 2023.
Being an automobile finance company, Foursight purchases and services automobile retail installment contracts primarily made to near-prime borrowers across 38 states. The contracts are sourced through an extensive network of dealers.
OneMain, which is the leader in offering non-prime customers responsible access to credit, acquires Foursight’s $900 million of loan portfolio. Nearly 200 Foursight employees will join OMF.
At the time of the deal announcement, Doug Shulman, the chairman and CEO of OneMain, stated, “Foursight is an attractive tuck-in acquisition giving us a seasoned team, scalable technology, tested credit models, a franchise dealer network and a high-quality loan portfolio to support our disciplined expansion into the auto lending business. I look forward to welcoming Mark Miller and the Foursight team to OneMain and working together to continue to diversify and grow our suite of lending products for hardworking Americans.”
At the same time, Nick Daraviras, the co-president of Jefferies’ Leucadia Asset Management platform, said, “We thank Mark Miller and the Foursight team for their partnership in building this powerful business. We wish them the best as they continue their development as part of OneMain.”
Over the past six months, OMF shares have gained 33.8% compared with the industry’s 47.9% rally.
Image Source: Zacks Investment Research
Currently, OMF carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Growth Efforts by Other Firms
Capital Bancorp, Inc. (CBNK - Free Report) and Integrated Financial Holdings, Inc. have jointly announced a definitive merger agreement, in which CBNK will acquire Integrated Financial in a cash and stock transaction valued at $66 million.
The strategic merger between the two companies is likely to create synergies, improve competition and increase growth opportunities.
The transaction will establish a best-in-class nationwide lender in government-guaranteed lending across the U.S. Department of Agriculture and the U.S. Small Business Administration programs. The merger will also enable CBNK to leverage Integrated Financial’s preeminent government-guaranteed servicing platform, Windsor Advantage. The bank is set to benefit from the opportunities in this expanding niche market.
The deal is expected to be completed in the second half of 2024, subject to the approval of CBNK and Integrated Financial’s shareholders, regulatory approvals, and the fulfillment of other customary closing conditions.