Softbank Group Corp. announced the completion of the acquisition of Fortress Investment Group as previously announced. The transaction added up to $3.3 billion. The Soft Bank Group and its subsidiaries inherited all the shares belonging to Fortress Investment Group. The initiation of the process took place on July 12, 2017, ended successfully as approved by the Fortress shareholders. According to the Merger Agreement outlined in the Fortress’ Definitive Proxy on June 7, 2017, the merger proceeds would be distributed according to the payment procedures. Additionally, every class A Fortress share converts to the right to receive $8.08 in cash per share. The payment includes 38.6% premium above the closing price of Fortress shares and 51.2% company’s 3-month volume-weighted average price except for the dividends. Fortress stocks stopped trading and therefore delisted from the New York Stock Exchange list. Visit http://www.vault.com/company-profiles/investment-management/fortress-investments/company-overview
After the Acquisition date that closed on December 27, 2017, Fortress Investment Group’s financial annual results would be consolidated and reflected on the Soft Banks consolidated financial report. However, the Soft Bank Group would announce the impacts of the same as necessary. Independent and full Boards of Directors of Fortress unanimously agreed of the process. The operations of Fortress would take place independently in the Softbank Group’s headquarters in New York. Additionally, the three Fortress leaders, Wes Edens, Paul Briger, and Randal Nardone would continue leading Fortress under the support of Soft Bank Group. Soft Bank promised to continue supporting Fortress through brand, business model, personnel, processes, and culture.
The Soft Bank Group is an Information Revolution technology player that specializes in internet services, Artificial Intelligence, Smart Robotics, Information Technology, advanced telecommunications, and clean energy technology. On the other hand, Fortress Investment Group is a prominent global investment company. The company’s assets were valued at $36.1 billion as at September 30, 2017, before the completion of the acquisition. The company has 1,750 private investors and institutional clients worldwide. The company manages assets on their behalf through individual equity investment strategies, permanent capital, credit, and real estate. The Chairman and Chief Executive Officer of Soft Bank Group, Masayoshi Son, pointed out that the group would benefit from the excellent record of accomplishment of Fortress.
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