SoftBank, a Japanese technology-oriented company has finalized its acquisition of Fortress Investment Group. The transaction which was completed on 12th July 2017 at $3.3 billion saw Fortress Investment Group became the first US Company ever to be delisted from the New York Stock Exchange. SoftBank Group struck the deal to acquire Fortress Investment Group for $8.08 per share. The price offered per was actually 39% more than its price a day before the announcement of the acquisition.
The completion of the acquisition comes after both parties satisfactorily met the conditions necessary to the closing of the deal. Such conditions include the approval from the Fortress shareholders as well as receipt of all regulatory approvals. The proceeds of the merger were to be shared according to the agreements outlined in the Fortress’s Definitive Proxy.
In the acquisition, it was agreed that the FIG will operate independently under SoftBank Group and its headquarters will remain in New York. The company will also retain its management including Randy Nardone, Peter Briger and Wes Edens. SoftBank Group also committed itself to allow Fortress retain its personnel, culture, brand and business model. This are the factors which have seen Fortress Investment Group grow to its current position and hence SoftBank doesn’t want to alter this growth trend.
This transaction is in line to SofBank’s aspirations to drive Information Revolution. In this plan, SoftBank rolled its 93 billion dollar Vision Fund in committed capital. Vision Fund aims at investing globally in firms and state-of-the art technologies that will achieve Information Revolution. The purchase of FIG marks SoftBank’s direct investment in alternative investment. This investment will enable SoftBank attain the requisite investment expertise necessary in its information Revolution agenda.
About SoftBank Group
SoftBank Group is a wholly-owned subsidiary of the SoftBank Group Corp. SofBank is an international high-end technology company that aspires to lead the Information Revolution. It has an international portfolio of companies in Artificial Intelligence, Internet of Things, Internet Services, smart robotics, clean energy technology and telecommunications.
About Fortress Investment Group
FIG began in 1998 courtesy of Randal Nardone and Wes Edens. Currently, it is led by three able co-principals namely; Randal Nardone, Wes Edens and Peter Briger. This company is in the business of alternative investment. FIG has three major divisions including Private Equity, Alternative Credit and Permanent Capital. Today, the company currently manages assets worth $30.1 billion for over 1750 corporate and private investors.
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