December 2017 news revealed that Fortress Investment Group was entering into a pact with Softbank Group. Well, this is indeed true after the major announcement was made in early 2018. Softbank Group has acquired Fortress at US$ 3.3 billion. It was after all the legal measures were factored into account including shareholders agreeing to the treaty and necessary approvals done to give a go ahead. Read more reviews about Fortress Investment Group at indeed.com
After the deal, all shareholders received a US$ 8.08 payout for every class A share. Softbank has assumed the sole ownership of the investment firm, and sooner or later, Fortress Investment Group will be delisted from the New York Stock Exchange. All management will be passed down with the consolidated financial statements affirming the closure to the acquisition.
Well, logic beats the question why Softbank acquired an investment firm it being a conglomerate in the technology business. First forward, Softbank is a parent company to many companies in diverse fields of the economy. Masayoshi Son who founded the company desired to establish a niche where all industries and sectors were pulled together. Softbank Group branches out into e-commerce, internet solutions, telecommunications, and broadband among other things. These grand acquisitions enable it to stretch outwards in the world of finance propelled by one of the largest and stable investment companies. Besides, Softbank has always wonder how they could get into working with financial institutions and Fortress Investment Group just paved way.
About Fortress Investment Group
Fortress Investment Group is a privately held investment managers and equity firm based in New York City. It was founded by Peter Briger who is the Co-Chairman to the board, Wes Edens Co-chairman and principal, Rob Kauffman who has since exiting the venture and Randal Nardone who is the newly appointed Chief Executive Officer. It was established in 1998, got listed on the NYSE in 2007 and has become a global manager of other firms. It has managed credit, hedge and equity funds making high yields of up to US$ 70.2 billion in 2016. The firm has been sold off to Softbank Group but its stable in operations nonetheless.