Inside Softbank’s Secret Plan to Sell Fortress Investment Group
Fortress Investment Group is one of the leading asset management agencies in New York today. Founded in 1998, it grew extensively to cover additional areas, including real estate property, hedge funds, and debt securities management. Since its founding, Fortress has made outstanding achievements in the asset management sector. For example, it was the first privately-owned asset management Company in the US to enter the New York Stock Exchange in 2007.
Fortress Investment Group boasts vast industry experience and a strong service delivery reputation. After some years into the business, the Institutional Investor ranked Fortress Group as the best Hedge Fund Manager of the Year in New York and nationally. Softbank began talks of purchasing the Fortress Group in February 2017 when it was about to launch its Vision Fund. It wanted to take advantage of Fortress’s unparalleled asset management knowledge to succeed with the newly launched investment. The acquisition was to help the bank expand and improve the quality of its products and services.
Softbank officially acquired Fortress Investment Group in December 2017. However, it had to let the firm operate independently for the US committee on foreign investment to approve the deal. According to recent reports, the plans to sell Fortress are currently underway. Different close sources have revealed that Softbank is considering selling the Fortress Investment Group, but the preparations are still at an early stage. The informers, who requested to remain anonymous, revealed that the details about the ongoing negotiations were private and not available publicly.
The Softbank Group recently made many other sales. For instance, it agreed to sell Arm Ltd. to Nvidia Corporation. Additionally, Softbank sold most of its shares in Brightstar Corporation and Boston Dynamics, Inc. to other companies. One of the reasons behind the planned sale is the difficulty in integrating Softbank’s and Fortress’ organizational operations. Go Here for related Information.