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SoftBank has announced that it has entered into a definitive merger agreement under which it will acquire <a href="https://www.smartkarma.com/entities/24000" target="_blank" data-smartkarma-citation="entities:24000:1">Fortress Investment Group (FIG US)</a> 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 after-tax proceeds from the transaction into Fortress-managed funds, and vote their 34.99% combined stake in Fortress in favor of the transaction.The acquisition is somewhat surprising, given SoftBank’s stated aim of focusing new investments on the theme of the singularity (a hypothetical point in time when AI and other technologies have become so advanced that humanity undergoes a dramatic and irreversible change and all kinds of industries are redefined). However, Fortress’ experience in managing a range of private investments for external shareholders may have been attractive to SoftBank for its JPY 10 trillion SoftBank Vision Fund. The transaction is subject to approval by Fortress shareholders, certain regulatory approvals, and other customary closing conditions, and is expected to close in second-half 2017.Analyst: Dan Baker

SoftBank has announced that it has entered into a definitive merger agreement under which it will acquire Fortress Investment Group (FIG US) 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 after-tax proceeds from the transaction into Fortress-managed funds, and vote their 34.99% combined stake in Fortress in favor of the transaction.The acquisition is somewhat surprising, given SoftBank’s stated aim of focusing new investments on the theme of the singularity (a hypothetical point in time when AI and other technologies have become so advanced that humanity undergoes a dramatic and irreversible change and all kinds of industries are redefined). However, Fortress’ experience in managing a range of private investments for external shareholders may have been attractive to SoftBank for its JPY 10 trillion SoftBank Vision Fund. The transaction is subject to approval by Fortress shareholders, certain regulatory approvals, and other customary closing conditions, and is expected to close in second-half 2017.Analyst: Dan Baker

SoftBank Purchases Fortress Asset Management

United States

Fortress Investment Group LLC is an alternative asset manager. The Company raises, invests and manages private equity funds, hedge funds and publically traded alternative investment vehicles.

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Fortress Investment (1236D US)

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 (FIG US) for...

Morningstar, Inc.

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