2023-05-22 13:55:45
SoftBank Group will sell a 90.01% stake in US investment firm Fortress Investment Group to Mubadala Investment, a sovereign wealth fund in the Emirate of Abu Dhabi.
Mubadala and Fortress announced today that they have agreed to the deal. Mubadala will purchase Fortress shares currently owned by SoftBank Group through Mubadala Capital, a wholly-owned asset management subsidiary. Mubadala Capital already owns a 9.99% stake in Fortress.
After closing, Mubadala will own 70% of Fortress shares, with Fortress management acquiring the remaining 30%, according to a statement. The management team will also be granted class shares with the right to appoint a majority of the board members.
Terms of the deal were not disclosed. Bloomberg News reported last September that Fortress could be valued at more than $2 billion (about ¥277 billion at current exchange rates).
SOFTBANK G closes to agreement on sale of subsidiary Fortress-Stakeholders (1)
SoftBank Group acquired Fortress in 2017. Fortress will remain independent after the transaction closes.
Original title:SoftBank Sells Fortress Stake to Mubadala, Management Team (1)(excerpt)
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