OneMain sells 47% stake in SpringCastle to New Residential, Blackstone

OneMain Holdings Inc said April 1 that it has sold its 47 percent stake in SpringCastle to New Residential Investment Corp. and The Blackstone Group. The $112 million cash sale includes a 10 percent holdback to be held in escrow for a period of up to five years with the release tied to ultimate portfolio performance. OneMaine formed SpringCastle, a joint venture, with New Residential and Blackstone to buy the consumer loan portfolio from HSBC.

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