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Photo by Jared C. Tilton/Getty Images

Private equity firms Apollo Global Management and Värde Partners have agreed to acquire a 40.5% stake in OneMain Financial, the Indiana-based subprime lender spun off by Citigroup after the financial crisis, from Fortress Investment Group. No financial terms were disclosed, but earlier press reports suggested a sale price of between $1.5 billion and $2 billion.

Why it matters: OneMain is one of the shadow banking world's biggest players, having provided auto and other sorts of personal loans to millions of customers through more than 1,600 branches in 44 states.

Deal context: OneMain had initially sought a buyer for the entire company, but didn't find adequate takers. This deal provides an exit for Fortress, which perhaps was looking to shed some assets tied to its own acquisition by SoftBank (which closed last week).

Bottom line: "For Apollo, the deal represents a way to own a big chunk of OneMain without engaging in a full leveraged buyout, given that the company is already saddled with more than $14 billion in long-term debt." — Greg Roumeliotis, Reuters

Go deeper

Updated 29 mins ago - Health

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.

2 hours ago - Technology

Facebook bans Myanmar military

A protester holds a placard with a three-finger salute in front of a military tank parked aside the street in front of the Central Bank building during a demonstration in Yangon, Myanmar. Photo by Aung Kyaw Htet/SOPA Images/LightRocket via Getty Images

Facebook said on Wednesday it would ban the rest of the Myanmar military from its platform.

The big picture: It comes some three weeks after the military overthrew the civilian government in a coup and detained leader Aung San Suu Kyi, causing massive protests to erupt throughout the country. Military leaders have been using internet blackouts to try to maintain power in light of the coup.

It's harder to fill the Cabinet

Data: Chamberlain, 2020, "United States of America Cabinet Appointments Dataset" Chart: Will Chase/Axios

It's harder now for presidents to win Senate confirmation for their Cabinet picks, an Axios data analysis of votes for and against nominees found.

Why it matters: It's not just Neera Tanden. The trend is a product of growing polarization, rougher political discourse and slimming Senate majorities, experts say. It means some of the nation's most vital federal agencies go without a leader and the legislative authority that comes with one.

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