Fortress Investment Group Completes $3.3 billion Merger

Fortress Investment Group was recently bought by SoftBank. A special meeting of the Fortress Investment Group shareholders confirmed the $3.3 billion sale. While Fortress will be owned by SoftBank, they will continue to operate independently out of New York City. SoftBank has retained the services of Fortress Investment Group’s leadership team headed up by Pete Briger, Wes Edens and Randy Nardon. The merger is good news for investors who will receive $8.08 per share. Investors also received two further dividend payouts. Visit fortress.com

SoftBank sees the merger as a union of two like-minded companies. SoftBank, led by Masayoshi Son, Chairman and CEO, believes in the culture of Fortress Investment Group, and so they are keeping the same team intact that has led them to so much success. Pete Briger, Wes Edens and Randy Nardon see the move as a great opportunity for investors, and they believe the future of Fortress has never been so promising. The move coincides with the announcement that SoftBank will be creating its SoftBank Vision Fund platform. SoftBank is involved in the information technology sector, and as part of their portfolio they provide internet services, AI, and clean energy solutions.

Fortress Investment Group has been operating for 20 years, and they manage over $70 billion in assets for their 1,750 clients. They have interest all over the world. They provide global investment portfolios that includes real estate and distressed credit investments.

SoftBank is able to bring in outside investors to help with the deal. Several companies have been involved in the merger in various capacities. Financial assistance has been provided by J.P Morgan Securities LLC for SoftBank and Morgan Stanley & Co. LLC for Fortress. Legal advice was given by Weil, Gotshal & Manges LLP and Kirkland & Ellis LLP for SoftBank and Skadden, Arps, Slate, Meagher & Flom LLP for Fortress.

Read more on https://www.fortress.com/businesses/credit

 

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