Fortress Investment Group LLC, one of the world’s largest alternative asset managers, was acquired by SoftBank Group Corp. The news was announced by the Tokyo-based Softbank organization in 2017. The closing took place in December. Fortress is an American company based in New York, New York. Fortress Investment Group was founded in 1998 as a private equity firm. It will continue its operations in New York City under its current management team. Fortress has numerous other offices including in San Francisco, California.
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The principals of the organization, Wesley Edens, Randal Nardone and Peter Briger are based in Fortress’ two U.S. offices. SoftBank Group Corp. acquired the financial firm for a sum of $3.3 billion. The Japanese company paid cash for Fortress Investment Group. The latter publicly trades on the New York Stock Exchange. SoftBank and its subsidiaries are now the owners of all of the outstanding shares. The existing stockholders approved the transaction in July of 2017, and the regulatory approvals were granted. All of the other terms of the agreement were satisfied by both sides. The common stocks are no longer trading, and Fortress Investment Group (FIG) has been delisted from the stock exchange. SoftBank is a leading, internally known technology company. It has a worldwide portfolio of wholly-owned subsidiaries. These companies specialize in smart robotics, internet services, clean energy technology, telecommunications, and other sectors.
Fortress Investment Group manages a diversity of global funds. As of the third quarter of 2017, the organization managed over $36 billion in alternative global assets. The team at Fortress serve 1,750 private and institutional investors. The firm specializes in asset-based investments, credit funds and private equity. Randal Nardone has served as the chief executive officer of Fortress since 2011. Nardone and Wes Edens are co-founders of the organization. Pete Briger assumed the role as an executive member of the board of directors in 2006. Mr. Briger is the co-chief executive officer of Fortress. Read: https://www.nytimes.com/topic/company/fortress-investment-group-llc