Deals
SoftBank to Buy Fortress Investment Group for $3.3 Billion
- Fortress will operate alongside SoftBank Vision Fund
- Masayoshi Son aims to be world’s biggest technology investor
Why Softbank Buying Fortress Investment Is a Big Deal
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SoftBank Group Corp. is buying alternative-asset manager Fortress Investment Group LLC for $3.3 billion in cash to operate alongside the Japanese company’s soon-to-be-established technology investment fund.
Japan’s SoftBank will pay $8.08 a share for New York-based Fortress, a 39 percent premium to the company’s Feb. 13 closing price, according to a statement Tuesday. Fortress principals Pete Briger, Wes Edens and Randy Nardone have agreed to continue leading the business, which will remain based in New York and operate independently within SoftBank, according to the statement.