SoftBank has reached a head-turning agreement to acquire Fortress Investment Group (NYSE: FIG) for roughly $3.3 billion in cash. The purchase price of $8.08 per share represents a premium of 38.6% to Fortress's closing price Monday. Fortress, which will operate within SoftBank as an independent business, was founded in 1998 and manages more than $70 billion in assets out of its New York headquarters. The firm's leadership and senior investment professionals will remain in place following the acquisition, which is expected to close in 2H.
SoftBank regularly featured in the news over the past few months, mainly in the context of its $100 billion Vision Fund, which is expected to reach a first close shortly. The Japanese tech conglomerate was recently said to be kicking the tires on a $1 billion investment in WeWork, a workspace-sharing platform.