Softbank acquires Randal Nardone’s Fortress Investment Group for $3.3 billion
Softbank Group Corporation has confirmed that it completed the purchase of Fortress Investment Group. Following the acquisition, Softbank is now the sole holder of all outstanding Fortress shares. The deal was closed after all the parties agreed on the terms and the shareholders signed off the sale. The deal was also approved by regulators as required by law.
According to the terms of the acquisition, each class A shareholder will receive $8.08 for every share he or she holds. The proceeds of the merger will be shared out to the parties based on the definitive Fortress proxy and the merger agreement.
The New York stock exchange will delist Fortress common share and has ceased trading their shares on the platform. Fortress, however, will continue to operate as an independent business and will retain its headquarters in New York City. The company, however, will be working under Softbank.
In a statement that Softbank issued after the acquisition, the Japanese bank expressed its commitment to retain the current management team lead by Randal Nardone, Pete Briger, and Wes Edens . The three individuals are principles at the investment group. Randal Nardone, who is the co-founder of the firm, said in an interview that he is happy and optimistic about the deal.
Randal Nardone said that the deal would enable Fortress to reach new heightsby accessing more capital that will enable it to expand and finance future deals. Mr. Randal said that Fortress would continue to invest in private equity, real estate, credit funds, hedge funds, and railroads.
Randal Nardone began his career as an attorney at Thatcher Proffitt & Wood law firm. Mr. Randal Nardone served as a partner until he left the law firm and joined the financial industry. His debut in the financial sector was in Blackrock Financial Management where he was a principal.