Wes Edens’s Fortress Ties it Up with the SoftBank Group

Fortress Investment Group LLC is a leading investment firm which manages and holds a diversified portfolio of assets valued at $35.1 billion in September 30, 2017. The firm was established in 1998 and has since managed the assets for 1,750 private investors and major corporations internationally.

Wes Edens is one-fifth of the five people who founded the Fortress Investment Group in 1998. In February 2007, Wes Edens and his associates formally introduced Fortress for its initial public offering (IPO), making it the first firm for public trade buyout. Fortress was able to sell eight percent of its share in the amount of $600 million as of 2009.

Aside from being one of the Co-Founder of the Fortress Investment Group, Wes Edens is likewise the firm’s Co-Chairman since 2009, Head and President of the Private Equity Department, Chief Investment Officer, and Chief Executive Officer from 1998 to 2003.

Wes Edens instigated the acquisition of Springleaf Financial Services – known in the past as the American General Finance of AIG. The cited move made Fortress a majority stakeholder of Springleaf Financial Services. Hence, in 2015 when the worth of Springleaf Holdings swelled to $3.5 billion the profit made by Fortress in its initial investment of $124 million during 2010 in Springleaf was over 27 times bigger – making Edens the subprime lending’s new king according to the Wall Street Journal.

By the end of 2017, the SoftBank Group Corporation publicly broadcasted that is has finally sealed the acquisition of Fortress Investment Group LLC for $3.3 billion. Subsequent to the finality of the agreement, SoftBank Group Corporation and its owned affiliates are now the owners of all Fortress’s outstanding shares. The conclusion of the SoftBank’s procurement of Fortress likewise cements all other stipulations plus the consent of the shareholders of Fortress in July 12, 2017 including the entire regulatory approval prerequisites.

The preceding actions resulted to the procurement of Fortress Class A shares, where per outstanding share is modified with the right to be given $8.08/share, and the merger earnings to be disseminated by abiding with the procedures of payment defined within the Fortress’s Definite Proxy as per June 7, 2017 as well as the Merger Agreement integrated within. And due to the merger, the trading of the common stock of the Fortress Investment Group has ceased to exist, which will eventually be removed from the registered list of the New York Stock Exchange (NYSEC). At length Fortress’s financial statements will be combined and indicated with the consolidated statements of SoftBank after the date of its acquisition on December 27, 2017 (EST). Softbank Group Corporation will be relaying the effect of the joined financial statements should it deems essential.

Fortress Invest Group’s business operations will be considered separate from that of Softbank, and its main office will be situated in New York; and the principals of Fortress namely Wes Edens, Randy Nardone, and Peter Briger will continue to manage its daily operations.

SoftBank Group Corporation is a leading international technology company and has business interests in clean energy suppliers, small robotics, AI, internet services, IoT, and innovative telecommunications.

Wes Edens’s Social Media: www.youtube.com/watch?v=O51VtMJzMgU

1 thought on “Wes Edens’s Fortress Ties it Up with the SoftBank Group”

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