Jefferson Capital to acquire credit card portfolio with value of $488M

Jefferson Capital (JCAP) announced that a wholly owned subsidiary has entered into a definitive asset purchase agreement to acquire a portfolio of credit card assets from affiliates of Bluestem Brands. As part of the transaction, Jefferson Capital will pay a gross purchase price of $302.8 million to acquire a revolving loan portfolio for which the ability to draw on the receivables has been suspended with face value of $488.2 million. At closing, the gross purchase price will be adjusted for interim portfolio cash flows from a cut-off date of June 30, 2025 through the closing date.