Fortress Investment Group has been acquired by a leading Japanese investment form, SoftBank. The acquisition deal was completed after SoftBank paid $3.3 billion. The founder and CEO of SoftBank, Masayoshi Son, was behind the completion of this deal. At the completion of the deal, the two firms had set the terms of agreement, and there was no doubt that the deal was aimed at bringing mutual benefits. Since the deal affected a significantly large US company, it had to go through the Committee on Foreign Affairs. Only after the approval by this committee did the acquisition deal become formal. SoftBank was required to adhere to conditions before the deal could be completed but it
Fortress Investment Group has been a successful company even before the acquisition. What this deal means is that both companies will now be in a better situation to expand their influence further. SoftBank aims to become the largest investment company in the world. Already it has invested in over 400 companies, most of them tech companies. The acquisition of the Fortress Group is seen as a departure from the norm since FIG is not a tech company. It is, however, worth noting that the addition of FIG comes as great news to SoftBank.
Fortress Investment Group is a leading alternative asset manager. It was established in 1998 by Randy Nardone and Wes Edens. In 2002, they added a credit department to the company under the leadership of Peter Briger. FIG became very popular in the financial industry in 2007 when it was enlisted in the New York Stock Exchange. It recently withdrew its membership after it was acquired by a foreign company, a decision that has received support by the top management.
In the new acquisition deal, SoftBank will have limited control over the operations of Fortress Investment Group. Fortress will maintain its top leadership, and the normal operations will remain as they have always been. SoftBank is likely to benefit from the success of FIG, now that it manages over $40 billion in assets. Fortress Investment Group now has an established network in the real estate industry, and SoftBank will look to tap into this market.
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