On December 27, 2017, SoftBank Group Corp. announced that it has completed its acquisition of Fortress Investment Group LLC for which it paid $3.3 billion in cash. With the completion of the transaction, SoftBank Group Corp. now owns all of the Fortress Investment Group’s shares and the company’s common stock will no longer be traded and will be delisted from the New York Stock Exchange. Shareholders of the Fortress Investment Group’s Class A shares will receive $8.08 per share. This transaction was completed only after all conditions to the closing of the transaction was satisfied, which includes Fortress shareholders’ approval of the transaction and all necessary regulatory approvals.
The Fortress Investment Group will operate as an independent business based in New York per the agreement under which regulatory agencies granted SoftBank Group Corporation. permission to acquire the company. With the acquisition of the Fortress Investment Group LLC, the SoftBank Group receives the benefit of additional and unique investment expertise that only the Fortress Investment Group can provide. The SoftBank Group is a Japanese global technology company with aspirations to drive the Information Revolution. The Fortress Investment Group will continue to be led by its three Principals, Randal Nardone, Pete Briger, and Wes Edens.
Randal Nardone is not only a Principal at the Fortress Investment Group, which he has been since 1998, but also its Chief Executive Officer, which he has served as since 2013. Prior to becoming the Fortress Investment Group’s CEO, he was its interim Chief Executive Officer from December 21, 2011 to August 01, 2013. Randal Nardone co-founded the Fortress Investment Group with two other person in the year of 1998. He a graduate of the University of Connecticut and holds a B.A. degree in English and Biology therefrom. Randal Nardone is also a graduate of the Boston University School of Law and holds a J.D. degree from the law school. Randal Nardone is currently not ranked on Forbes Billionaire List, but at one time he was on it at #557 when the Fortress Investment Group went public with its IPO and his 53 million shares of the company’s stock were worth $1.6 billion.
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