Statement from Fortress Co-Chairman Wes Edens on Springleaf’s Announced Agreement to Acquire OneMain Financial
Company Release - 3/3/2015 7:09 AM EST
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (“Fortress”) issued the following statement from Fortress Co-Chairman Wes Edens on Springleaf Holdings, Inc.’s (“Springleaf”) announced agreement to acquire OneMain Financial (“OneMain”):
“As a significant shareholder of Springleaf, we believe this is a compelling transaction, both strategically and financially. It brings together two companies with similar cultures and exceptional management teams, singularly focused on meeting the everyday financing needs of an enormous population of working Americans. This combination will create a premier consumer finance company, serving approximately 2.5 million customers, with $15 billion in assets, 2,000 branches and a leading digital presence in the market.”
Funds managed by Fortress own approximately 73 million shares of Springleaf. The investment dates to August 2010, when Fortress agreed to purchase an 80% stake in American General Finance for approximately $125 million. Springleaf completed an initial public offering on October 15, 2013 and trades on the New York Stock Exchange (NYSE: LEAF). Fortress has retained its ownership stake in the company.
Fortress Investment Group LLC is a leading, highly diversified global investment firm with $67.5 billion in assets under management as of December 31, 2014. Founded in 1998, Fortress manages assets on behalf of over 1,600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). For additional information, please visit www.fortress.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of management and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The consummation of the proposed acquisition of OneMain Financial is subject to customary closing conditions and regulatory approvals some of which are beyond our control. Accordingly, no assurance can be given that the acquisition will be completed on the contemplated terms or at all and you should not place undue reliance on any forward-looking statements contained in this press release. Statements preceded by, followed by or that otherwise include the words “anticipate,” “appears,” “believe,” “foresee,” “intend,” “should,” “expect,” “estimate,” “project,” “plan,” “may,” “could,” “will,” “are likely” and similar expressions are intended to identify forward‐looking statements. These statements involve predictions of our future financial condition, performance, plans and strategies, and are thus dependent on a number of factors including, without limitation, assumptions and data that may be imprecise or incorrect. Specific factors that may impact performance or other predictions of future actions include, but are not limited to: various risks relating to the proposed acquisition, including in respect of the satisfaction of closing conditions to the acquisition; unanticipated difficulties financing the purchase price; unanticipated expenditures relating to the acquisition; uncertainties as to the timing of the acquisition; litigation relating to the acquisition; the impact of the acquisition on each company’s relationships with employees and third parties; and the inability to obtain, or delays in obtaining cost savings and synergies from the acquisition. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Fortress to predict or assess the impact of every factor that may cause its actual results to differ from those expressed or implied in any forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release, and you should not regard any forward-looking statement as a representation by Fortress or any other person that the future plans, estimates or expectations currently contemplated by Fortress will be achieved. You should consider any forward-looking statements included in this release in light of the risks and other important factors described in Fortress 's filings with the Securities and Exchange Commission, particularly those identified in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Fortress 's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, which are available on Fortress 's website (www.fortress.com). Fortress can give no assurance that the expectations of any forward-looking statement will be obtained. Such forward-looking statements speak only as of the date of this press release. Fortress expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Fortress's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
Fortress Investment Group LLC
Gordon E. Runté, 1-212-798-6082
Source: Fortress Investment Group LLC