SoftBank To Buy Fortress For $3.3 Billion

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SoftBank To Buy Fortress For $3.3 Billion

SoftBank has reached a head-turning agreement to acquire Fortress Investment Group (NYSE: FIG) for roughly $3.3 billion in cash. The purchase price of $8.08 per share represents a premium of 38.6% to Fortress’s closing price Monday. Fortress, which will operate within SoftBank as an independent business, was founded in 1998 and manages more than $70 billion in assets out of its New York headquarters. The firm’s leadership and senior investment professionals will remain in place following the acquisition, which is expected to close in 2H.

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SoftBank regularly featured in the news over the past few months, mainly in the context of its $100 billion Vision Fund, which is expected to reach a first close shortly. The Japanese tech conglomerate was recently said to be kicking the tires on a $1 billion investment in WeWork, a workspace-sharing platform.

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