Jefferies's Foursight To Be Acquired By OneMain For $115 Mln

(RTTNews) - Jefferies Financial Group Inc. (JEF) announced a definitive agreement with OneMain Holdings on Tuesday, in which OneMain will acquire Foursight Capital LLC from Jefferies for $115 million in cash.

Foursight Capital is an automobile finance company specializing in purchasing and servicing automobile retail installment contracts. These contracts are sourced through a wide network of dealers and are offered to near-prime borrowers residing in 38 states.

As part of the acquisition, OneMain will take over Foursight's impressive $900 million loan portfolio. Additionally, the approximately 200 employees currently working at Foursight are expected to join OneMain.

OneMain's CEO, Doug Shulman, has expressed his excitement about the acquisition, stating that "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."

The transaction is expected to be concluded in the first quarter of 2024.