SoftBank Purchases Fortress Asset Management
SoftBank has announced that it has entered into a definitive merger agreement under which it will acquire Fortress Investment Group for around $3.3 billion in cash. The price of $8.08 per share represents a 38.6% premium to the most recent traded price and a 51.2% premium to Fortress’ three-month volume weighted average price. The Fortress principals--Peter Briger, Wes Edens, and Randy Nardone--have agreed to lead Fortress, invest 50% of their aftertax proceeds from the transaction into Fortress...SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.
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