January 3, 2018 / 10:58 PM / 6 months ago

Exclusive: Apollo nears deal for Fortress' stake in OneMain - sources

(Reuters) - Private equity firm Apollo Global Management LLC (APO.N) is nearing a deal to acquire investment firm Fortress Investment Group LLC’s stake in U.S. subprime lender OneMain Holdings Inc (OMF.N), people familiar with the matter said on Wednesday.

Leon Black, Chairman and CEO Apollo Global Management, LLC, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills, California April 29, 2014. REUTERS/Kevork Djansezian

The deal would come after OneMain abandoned a process to sell itself outright last year, because the offers it received failed to meet its valuation expectations.

The transaction is expected to value Fortress’ stake of around 44 percent in OneMain at between $1.5 billion and $2 billion, and could be announced as early as Thursday, assuming talks do not fall apart at the last minute, the sources said, asking not to be identified because the negotiations are confidential.

Apollo declined to comment, while OneMain and Fortress did not respond to requests for comment.

Reporting by Greg Roumeliotis in New York; Editing by Tom Brown

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