05 04 2016

OneMain Holdings, Inc. Sells 47% Interest in SpringCastle For $112 Million

Davis Polk advised the special committee of the board of directors of OneMain Holdings, Inc. in connection with the sale of its 47% interest in SpringCastle, a joint venture formed to purchase a consumer loan portfolio from HSBC in 2013, to certain affiliates of New Residential Investment Corp. and funds managed by The Blackstone Group, its joint venture partners, for an aggregate purchase price of approximately $112 million in cash (including a 10% holdback to be held in escrow for up to five years).


In 2015, OneMain Financial Holdings was acquired by Springleaf Holdings, Inc. to become one of America’s leading personal finance companies under the name OneMain Holdings. The firm, led by Mary McDowell, Micah Conrad, John Schachtel, Dava Carson and Sean Bennett, is based in Baltimore (MD). New Residential Investment Corp. is a publicly traded real estate investment trust that focuses on investing in, and actively managing, investments primarily related to residential real estate. Blackstone is one of the world’s leading investment firms. The Davis Polk corporate team included partner John H. Butler (Picture) and associate Evan Rosen. Partner Lawrence Portnoy and associate Jason M. Spitalnick provided litigation advice. Involved fees earner: John Butler - Davis Polk & Wardwell; Evan Rosen - Davis Polk & Wardwell; Lawrence Portnoy - Davis Polk & Wardwell; Jason Spitalnick - Davis Polk & Wardwell;

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