SoftBank the New Face of Fortress Investment Group
SoftBank Group recently made headlines after they announced the acquisition of the Fortress Investment Group. Well, the deal was completed with the SoftBank offering a total of $3.3 billion. Following the closing of the deal, SoftBank Group and the wholly-owned subsidiaries take the lion’s share of all the Fortress shares.
Before closing the deal, the all the conditions by the Fortress Investment Group had to be satisfied before closing the transactions. This included the approval of the transactions through the shareholders of the Fortress Investment Group dating back to last year in July. There were also the receipts of all the associated regulatory approvals. Visit https://www.linkedin.com/jobs/view/paralegal-at-fortress-investment-group-900539384
The acquisition meant that the Class A share of the Fortress Group was converted into the right to receive a total of $8.08 per share. The merger is set to be distributed based on the payment procedures that are highlighted in the Definitive Proxy on the FIG and the Merger Agreement that had earlier been incorporated.
The common stock of the firm stopped from trading and will be removed from the New York Stock Exchange. The merger would also mean that the financial results of the FIG will be consolidated and shown in the SoftBank Group financial statements following the full acquisition. There would be announcements by SoftBank of the impacts relating to the consolidation.
The Fortress Investment Group will be operating within Softbank as an independent business with its headquarters in New York. The principals at the firm, Wes Edens, Pete Briger and Randy Nardone will resume of leadership at the FIG. Among the commitments of SoftBank is the maintenance of the leadership, brand, culture, personnel and business model that have led to the success of the Fortress Investment Group.
SoftBank is a global technology firm which aims at driving the Information Revolution. IT has a host of firms’ such as internet services, advanced telecommunications, smart robotics, AI, clean energy technology and IoT.
The FIG is a leading global investment firm. The firm was founded back in 1998 and manages assets of close to 2,000 institutional clients and private investors across the world. Read more on fortress.com