Saturday, 19 August, 2017

Fortress acquired for $3.3B by Japanese telecom giant

Fortress's excellent track record speaks for itself' Softbank chief executive Masayoshi Son said of the acquisition Fortress's excellent track record speaks for itself' Softbank chief executive Masayoshi Son said of the acquisition. Softbank
Juana Turner | 16 February, 2017, 00:40

Japan's Internet conglomerate SoftBank (9984.Japan/SFTBY) has agreed to buy USA private equity giant Fortress Investments (FIG) for about $3.3 billion in cash.

"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", SoftBank CEO Masayoshi Son said in a statement. The merger resulted in $8.08 per share in cash for Fortress Investment's shareholders, which is 39% premium to Monday's closing price on February 13.

Do you own shares of Fortress Investment Group LLC (NYSE: FIG)? SoftBank intends to buy Fortress Investment Group entirely in cash (no cheque). However, the deal is subject to approvals by Fortress shareholders, certain regulatory approvals and other customary closing conditions.

After announcing the SoftBank Vision Fund a year ago, chairman Masayoshi Son proceeded to hire a collection of former Deutsche Bank AG executives, including Akshay Naheta, to help run the money out of an office in London's Mayfair.

"SoftBank is not doing a great job in communicating where this fits into their investment strategy", said an analyst at Iwai Cosmo Securities Tomoaki Kawasaki. Briger was hired from Goldman Sachs Group Inc.in 2002. "There isn't enough information and some people have an impression that this is an investment by the Vision Fund".

The firm aims to close the first round of investment in the fund this month. The three founders became billionaires when the firm went public in 2007, but shares have slumped by nearly two-thirds since the listing after the company faced volatile performance during the financial crisis and struggled to explain its value to public shareholders.

But the company's performance slumped during the financial crisis and has traded as low as $.077 per share.

Fortress also manages $7.1 billion in private equity funds, $18.3 billion in alternative credit investments in partnership with Mount Kellett Management, and $33.4 billion in traditional fixed income through its Logan Circle division (these figures are as of Q3).

From the start of the year 2015, SoftBank brought approximately 44-billion dollar investments and acquisitions. In Spetember 2016, it agreed to pay more than $30 billion for ARM Holdings, the UK-based software company. Nizar Al-Bassam and Dalinc Ariburnu of F.A.B.

Recommended

  • Cavs' Kevin Love out for six weeks following arthroscopic knee surgery

    Cavs' Kevin Love out for six weeks following arthroscopic knee surgery

    Considered a power forward, Williams is athletic enough to take some of the burden off James as well, as he showed Tuesday night. D Williams Continues Strong Play: Derrick Williams is making a strong case to stay beyond his 10 day contract.
    US Senate blocks Obama gun background checks rule

    US Senate blocks Obama gun background checks rule

    The Senate voted 57-43 Wednesday to roll back an Obama-era gun regulation that aimed to reduce firearm access to people with serious mental health conditions.
    Immigration Arrests Fewer Under Trump, Yet Still Cause Alarm for Immigrants, Advocates

    Immigration Arrests Fewer Under Trump, Yet Still Cause Alarm for Immigrants, Advocates

    Navarrete says she sought to stop the man's deportation and was told by ICE that things had changed. Among them 161 arrests were made in Los Angeles and some 200 in Atlanta, said local media reports.
  • Carli Lloyd signs with Manchester City

    Carli Lloyd signs with Manchester City

    I always want to continue to get better and look for ways where I am going to be able to push my game. City were crowned champions of the Super League last season after going the entire season unbeaten.
    Finally, Justin Bieber coming to India, all details here

    Finally, Justin Bieber coming to India, all details here

    This Mumbai concert of Justin Bieber is supposed to be bigger than last November's Global Citizen Festival that featured Coldplay. Bieber's Purpose World Tour is to celebrate his fourth album, Purpose , in which Bieber has experimented with electronic sounds.
    Cigna, Anthem Taking Merger to Court

    Cigna, Anthem Taking Merger to Court

    That merger was denied largely on the grounds that it would threaten competition over large employer-based plans. Anthem responded that the merger agreement was in place until April 30, 2017, and that Cigna could not back out.
  • ISRO creates history, launches PSLV-C37 with 104 satellites

    ISRO creates history, launches PSLV-C37 with 104 satellites

    In the meantime, India's space program set a new world record this week by successfully launching 104 satellites in one mission . Celebrations erupted at the spaceport when the Isro chief announced that all the satellites had been put into orbit as planned.
    Next Week's Rocket League Update Includes PS4 Pro Support

    Next Week's Rocket League Update Includes PS4 Pro Support

    There are premium DLC Hot Wheel cars along with accessories for your cars in game drops. Rocket League continues to evolve, with more promised for 2017 and beyond.
    'Excited' Root looks forward to lead England his own way

    'Excited' Root looks forward to lead England his own way

    He has that and respect goes a long way. "I think of course there will be times when I need a bit of help but I am really excited to get hold of the role and try and make it mine".
  • How to watch Bayern Munich vs

    How to watch Bayern Munich vs

    And despite much speculation about his future in recent weeks, Wenger has not been short of admirers in the build up to the clash at the Allianz Arena .
    'This Is Not Grant Hackett': Family Concerned For Olympian's Health After Arrest

    'This Is Not Grant Hackett': Family Concerned For Olympian's Health After Arrest

    As reported by the Gold Coast Bulletin , Nev said Hackett's arrest came due to the "mental health issues" he was facing. In 2014, Hackett underwent rehab in the USA in 2014 after seeking help for an addiction to the sleeping pill Stillnox.
    Verizon nearing Yahoo merger after negotiating a discount

    Verizon nearing Yahoo merger after negotiating a discount

    The Securities and Exchange Commission is investigating the breaches and their disclosures, Yahoo said in a filing in January. However, Yahoo has lagged Alibaba's performance over most of the previous year as its transaction with Verizon was held up.

Scotland captain Greig Laidlaw to miss rest of Six Nations Scotland captain Greig Laidlaw to miss rest of Six Nations Ross Ford insists Scotland can cope without their skipper Greig Laidlaw after he was ruled out for the rest of the Six Nations. While Finn Russell took over the kick duties, the loss of the 31-year-old is a significant blow to head coach Vern Cotter.

Kate Upton named 2017 SI Swim cover model on Jimmy Kimmel Kate Upton named 2017 SI Swim cover model on Jimmy Kimmel Kate Upton makes her third appearance on the cover of Sports Illustrated's Swimsuit issue. Last year's " Rookie of the Year ", Barbara Palvin is back in action in the 2017 issue.

Future Hops On Maroon 5's Anti-Love Song 'Cold' Future Hops On Maroon 5's Anti-Love Song 'Cold' Then again, it's a song about falling rapidly out of love released just in time for Valentine's Day. The band & the Freebandz boss will appear on Ellen tomorrow for a special performance of the song.