Japan based SoftBank Group to acquire Fortress Investment Group for $3.3 billion. The all-cash deal will help Fortress shareholders receive $8.08 per share when the transaction is closed.
Financial advisers for SoftBank was JP Morgan Securities whereas Morgan Stanley & Co advised Fortress Investment Group.
About Fortress InvestmentFortress Investment Group is an investment management firm based in New York City. As of June 30, 2016, the firm managed approximately $70.2 billion alternative assets in private equity, liquid hedge funds and credit funds.
Fortress Investment was founded as a private equity firm in 1998 by Wesley R. Edens, Rob Kauffman and Randal A. Nardone.
About SoftBank Group
SoftBank Group is a Japanese multinational telecommunications and Internet corporation established on September 3, 1981, and headquartered in Tokyo, Japan.
It has operations in broadband, fixed-line telecommunications, e-commerce, Internet, technology services, finance, media and marketing, semiconductor design, and other businesses.
SoftBank operates SoftBank Mobile in Japan, owns Sprint Corp. in the U.S., holds stakes in Chinese e-commerce Alibaba Group Holding Ltd. and Japanese internet portal Yahoo Japan Corp and owns ARM Holdings PLC.