Fortress Investment Group LLC is now a subsidiary of SoftBank Group Corp as of December 28th 2017. In a deal for $3.3 billion in cash the Japanese based technology investment company will now reflect all of Fortress Investment Group LLC’s financial information under SoftBank moving forward. The deal also includes buying of Fortress Investment Group’s Class A stocks at $8.08 per share, which turns out to be 39 percent higher than the stock price at the close of the bell on Fortress Investment’s last day of trading. Fortress Investment Group LLC (FIG) was removed from the New York Stock Exchange.
SoftBank Group Corp is an international enterprise holdings firm, who began to really grow during the mid-90s. SoftBank Group started Yahoo Japan in 1996. SoftBank invested $20 million in Alibaba in 2000, and by 2014 when Alibaba went public, that investment ballooned into $60 billion. Some economist regard SoftBank’s investment in Alibaba as one of the greatest ever. SoftBank acquired Vodafone Japan, on March 17th 2006. In 2008, SoftBank partnered with Tiffany & Co. to make a limited cellphone of only 10 models. SoftBank, in February 3, 2010 bought 13.7% of Ustream. By January 2013, SoftBank acquired eAccess, one of its competitors. SoftBank invested $210 million in OlaCabs, in October 2014, and $627 million in Snapdeal. SoftBank invested, November 2014, $100 million in housing.com. SoftBank also helped design a robot with Aldebaran Robotics In 2016. More Businesses at Fortress on fortress.com
SouthBank founder Masayoshi Son, assures the acquisition of Fortress Investment Group will not interfere in the way the company has ran to this point. 1998, Wes R. Edens, Randy Nardone and Rob Kauffmann founded Fortress Investment Group LLC in 1998. Today the excutives of Fortress are Wesley Edens, Randy Alan Nardone, and Peter Briger. Wes R. Edens, co-founder of Fortress, in 1984 earned his Bachelors of Science in Finance and Business Administration from Oregon State University. Lehman Brothers is where Mr. Edens began his career in finance and investments from 1987 to 1993. Mr. Nordone, has a J.D. from Boston University School of Law and Bachelors of Arts in English and Biology, both from the University of Connecticut. Randy Alan Nardone (Randy JD) has been Chief Executive Officer and COO since 2013. Randy is also Principal of Fortress Credit Corporation, and President and Chairman of Springfield Financial Holdings, LLC. Randy is also Director of Fortress Credit Corporation and Springleaf REIT Inc, a position he has held since May 2011.
Peter Briger is Chairman of the Board of Directors at Fortress Investment and elected Co-Chairman in 2009. A Princeton University alumni, Peter Briger is a former partner at Goldman Sachs and serves on the Global Control and Compliance Committee and Asian Management.
Fortress Investment Group LLC will continue to work as a private independent company within SoftBank, and will continue following the business models and practices that has made them one the most successful buyout companies ever. Related: A Force of Innovation: Two Decades of Fortress Investment Group