The Fortress Investment Group is classified as an investment manager with $70 billion in management assets including real estate. Their institutional investor clients total over 1,600 and they have offices in numerous countries. This includes New York, Hong Kong, Singapore, Italy, Los Angeles and Philadelphia. The company was founded in 1988 and went public during 2007. Seven years after the 2008 economic downturn of 2008 their flagship hedge fund was closed. This was caused by the struggling market in Brazil. They additionally opened a new real estate fund which reached $1 billion before capping.
The Fortress Investment Group owned a stake in the apartment complex of Stuyvesant Town Peter Cooper Village. This was owned at one point by a subsidiary of Fortress called CWCapital. They sold their stake for $5.3 billion. CWCapital was acquired by Fortress in 2010 as a means of becoming more deeply involved in commercial real estate. The Fortress Investment Group currently has holdings including the retail center at Alabama’s Inverness Corners. This purchase was made in 2014 and has financed numerous buildings and condos throughout New York City.
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The Fortress Investment Group was acquired by the SoftBank Group Corporation for a total of $3.3 billion. This company is generally referred to as SBG. When the transaction closed all outstanding Fortress shares were owned by SBG and their subsidiaries. Prior to the completion on July 12th of 2017 all conditions were satisfied including all required regulatory approvals being received and Fortress shareholders having given their approval. This acquisition resulted in all outstanding Class A shares of The Fortress Investment Group being converted. Each share has the right to receive a cash value of $8.08. The proceeds from the merger will be distributed according to the outlined payment procedures in the Merger Agreement and Fortress’s Definitive Proxy. These documents were dated on June 7th of 2017.
The common stock for The Fortress Investment Group is no longer trading. This stock will be removed from the New York Stock Exchange. The financial results concerning Fortress have been reflected and consolidated according to the financial statements of SBG. This occured after the closing date of December 27th of 2017 for the acquisition. The impact of this consolidation will be announced by SBG as it becomes necessary. Fortress will be operating as an independent business within SoftBank with their headquarters in New York. The Fortress Investment Group will continue to be led by their Principles including Randy Nardone, Wes Edens and Pete Briger. SoftBank has made a commitment to the maintenance of the brand, business model, leadership, processes, personnel and culture responsible for the current success of Fortress.
The SoftBank Group is attempting to drive the information revolution as a global technology player. The SoftBank Group encompasses global portfolios for numerous companies including internet services, advanced telecommunications, smart robotics, AI, and clean energy and IoT providers. The SoftBank Vision Fund makes global investments in technology and business. During May of 2017 the company enabled the information revolution to advance to the next stage. This occured due to the first major close for committed capital totally more than $93 billion in United States dollars.