Fortress acquired for $3.3B by Japanese telecom giant

Masayoshi Son SoftBank

The main attraction of Fortress is believed to be its ability to manage large-scale investments, as its assets under management stood at $70.1 billion as of September 30, 2016.

The latest deal will make SoftBank one of the world's largest alternative asset managers.

Japanese telecom giant SoftBank Group Corp. will buy the publicly-traded company for $8.08 per share - a 39 percent premium - the companies announced.

Fortress principals Pete Briger, Wes Edens and Randy Nardone will continue to run the company within SoftBank, Bloomberg reported.

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"Fortress's excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform", said SoftBank's Masayoshi Son said in a press release. New York-listed Fortress manages around $70 billion invested across real estate, credit and private equity. The investment is actually from the SoftBank Vision Fund and was announced in October. This decision was taken so that the two companies could work together on the Japanese technology-driven investment fund. Fortress will operate within SoftBank as an independent business headquartered in NY, and SoftBank is committed to maintaining the leadership, business model, brand, personnel, processes and culture that have supported Fortress's success to date. This move comes in the wake of SoftBank's founder, Masayashi Son, announcing in October 2016, that the bank is joining hands with Saudi Arabia to raise U.S. $100 billion technology fund. The firm has done this by way of publicly traded permanent capital vehicles such as New Senior Investment Group and Fortress Transportation and Infrastructure Investors (FTAI).

"SoftBank is an extraordinary company that has thrived under the visionary leadership of Masayoshi Son", said Fortress Co-Chairmen Pete Briger and Wes Edens in a statement. "We anticipate substantial benefits for our investors and business as a whole".

The group has a self-proclaimed aim of driving the information revolution, and a year ago announced the establishment of a $100bn technology investment fund. The deal, which is subject to shareholder and regulators' approval, is expected to close by the end of the year.

Nizar Al-Bassam and Dalinc Ariburnu, of the investment firm F.A.B.

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