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Fortress Investment Group Acquired By Japanese Conglomerate SoftBank Group

Fortress Investment Group was successfully acquired by the Japanese multinational holding conglomerate SoftBank Group Corp. The acquisition was announced on February 15, 2017. Fortress Investment Group’s acquisition proceeded once all the conditions have been met, including the approval of the transactions by Fortress shareholders and the usual regulatory approvals. The acquisition cost SBG $3.3. billion in cash. Softbank Group and its wholly-owned subsidiaries became the owner of Fortress Group’s outstanding shares. Visit wikipedia.org

This acquisition brought forth a rule that all FIG Class A shares were converted into a right that will enable SBG to receive $8.08 per share in cash. The distribution will be ruled by the means of payment procedures which was set by FIG’s definitive proxy dated June 7, 2017. The merger agreement will also affect this right. FIG was delisted in the New York Stock Exchange and its financial results were reflected on SBG’s consolidated financial statement. Fortress Investment Group is continued to be led by Pete Briger, Randy Nardone, and Wes Edens. SoftBank decided to keep FIG’s company culture, processes, personnel, brand, business model, and leadership intact.

Masayoshi Son, the Chairman, and CEO of SoftBank Group Corp. stated on the press conference earlier that he is looking forward to the benefit of the acquisition. He believes that Fortress Investment Group has an excellent track record which backed up its excellence. Masayoshi Son also stated that partnering up with FIG will help them expand their capabilities, especially in helping the SoftBank Vision Fund platform.

SoftBank Group specializes in tech, especially in Information Revolution. It has tech companies all over the world which spans on a lot of technological fields. SBG has industries in advanced telecommunications, internet services, AI, IoT, smart robotics, and clean energy technology providers. Last year, the SoftBank Vision Fund managed to get its first major investment of $93 billion in committed capital.

Fortress Investment Group LLC is a global investment which manages $36.1 million assets as of September 30, 2017. It was founded in 1998 and has over 1,750 institutional clients and private investors worldwide. It has a highly diversified investment that spans to real estate, permanent capital, and private equity. Read more on http://www.niemanlab.org/2017/02/newsonomics-softbank-fortress-trump-and-the-real-story-of-gatehouses-boundless-ambition/

 

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