Jan 4, 2018

Private equity buys into subprime lender OneMain

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

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U.S. coronavirus updates: Death toll passes 9,600

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the novel coronavirus surpassed 9,600 in the U.S. Sunday night, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day since April 1.

Why it matters: U.S. Surgeon General Jerome Adams said on Sunday this upcoming week will be "the hardest and saddest week of most Americans' lives" — calling it our "our Pearl Harbor, our 9/11 moment."

Go deeperArrowUpdated 4 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 p.m. ET: 1,273,990 — Total deaths: 69,444 — Total recoveries: 260,247Map.
  2. U.S.: Total confirmed cases as of 10:30 p.m. ET: 337,310 — Total deaths: 9,634 — Total recoveries: 17,461Map.
  3. Federal government latest: Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment." The USDA confirms that a Bronx zoo tiger tested positive for coronavirus.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. World update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Intelligence community watchdog suggests Trump fired him for doing his job

Michael Atkinson, Inspector General of the Intelligence Community,at the Capitol in October. Photo: Win McNamee/Getty Images

Intelligence Community Inspector General Michael Atkinson suggested in a statement Sunday President Trump fired him for acting impartially in carrying out his duties following a whistleblower complaint.

Why it matters: Atkinson alerted Congress last September to the complaint on Trump's correspondence with Ukraine's president, triggering an inquiry that resulted in the Trump's impeachment.

Go deeperArrowUpdated 1 hour ago - Politics & Policy