Japanese SoftBank Seals Deal Worth $3.3 Billion With Fortress Investment Group

It is now one year since SoftBank Group, a Japanese based company acquired Fortress Investment Group. It was in December 2017 when SoftBank Group management announced that they had completed all the procedures required to acquire Fortress Investment. They were going to pay 3.3 billion US dollars as per the agreement with Fortress Investment team of management. Visit bizjournals.com

It came as a shocker to many since Fortress Investment was the leading privately owned company by then. Since being incepted in 1998, Fortress Group had and still is committed to the provision of private equity, credit ventures, hedge fund, and real estate management services. Fortress Investment has since grown and managed an average of 1750 investment assets by private persons and institutions.

In their statement, Softbank Group stated that they were going to own all the common stocks in Fortress Investment. SoftBank stated that the acquisition is set to happen immediately after the close of business approvals. They also added that though they had acquired Fortress Investment Group, the group was going to operate independently with its headquarters in New York City. The management of Fortress Investment Group was to also remain unchanged under the leadership of Randall Nardone, Pete Birger, and Wes Eden.

SoftBank Group has gained prominence as the best global technology company. The company specializes in matters technology such as The Internet of Things, Artificial Intelligence, advanced telecommunication and more. By the close of business in 2017, SoftBank Group had committed itself an average of 93 million US dollars worth of capital.

Fortress Investment Group traded their shares at $8.08 per share with SoftBank Group. Fortress Group also delisted and stopped the operation of common stocks from the New York Securities Exchange (NYSE). All the Fortress Groups financial statements were also set to be consolidated in the SoftBank Group financial statements after the completion of the merger.

SoftBank Group management stated that they were committed to maintaining the existing leadership, withholding the existing business models and upholding management operations that have been in existence since the inception of Fortress Group.
Read more on https://www.bloomberg.com/profiles/companies/FIG:US-fortress-investment-group-llc

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