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Japan's SoftBank to acquire U.S. Fortress Investment Group for 3.3 bln USD

Xinhua, February 15, 2017 Adjust font size:

SoftBank Group Corp. announced Wednesday it will acquire U.S. investment company Fortress Investment Group for 3.3 billion U.S. dollars as the Japanese tech conglomerate continues to expand its foreign acquisitions by stepping into the investment fund market.

The actual investment percentage for the acquisition has not been decided yet, SoftBank said, adding that there were other investors also involved in the takeover deal.

Fortress Investment Group's senior managers will be kept on to maintain the firm's fund performance, SoftBank said, adding Fortress will remain based in New York.

The acquisition will be completed by December, the Japanese telecommunications and internet firm said in a statement Wednesday.

"Fortress' excellent track record speaks for itself, and we look forward to benefiting from its leadership, broad-based expertise and world-class investment platform," SoftBank's Chief Executive Officer Masayoshi Son said in a statement.

"We join a company with tremendous scale and resources, and a culture completely aligned with our focus on performance, service and innovation," Fortress'co-chairmen were quoted as saying for their part, in a joint statement which also lauded Son as being a "visionary."

SoftBank, based in Tokyo, was the first carrier in Japan to offer Apple's iPhone and the Japanese telecom giant now owns U.S. carrier Sprint, as well as stakes in some 1,000 companies including Yahoo! Japan and Alibaba.

The company was founded in 1981. Endit