In December 2017, Softbank Group Corporation, which is a Japan-based organization, announced that it had completed acquiring Fortress Investment Group. The latter was purchased by the former at an estimated price of $3.3 billion. This transaction was completed at the end of 2017 after all the requirements were met, which included ensuring the shareholders at Fortress had approved the acquisition, and all the regulatory approvals were received.
Due to this transaction, Fortress Investment Group went through some changes. For example, its common stock was removed from the New York Stock Exchange list after it stopped trading due to the merger. Additionally, the company’s Class A share, which was outstanding, got converted. The relevant parties received cash worth $8.08 for each share. The proceeds from the merger were distributed in alignment with the company’s Definitive Proxy procedures, which were created in June 2017. As it occurs with a majority of the mergers and acquisitions, Fortress Investment Group’s financial statements are incorporated in SBG’s books of accounts. Nevertheless, it is important to note that Fortress is still carrying out its activities as an independent entity; thus, its head offices are in New York.
Despite this merger, Fortress Investment Group is still led by a competent team of leaders. Its co-founders, Wesley Edens, and Randal Nardone are still part of the company as they are based in New York. Another significant member of the team is Peter Briger, Jr. who is based in San Francisco. Edens and Briger are co-chief executive officers while the three men hold the principle positions. These three leaders are suitable for these jobs because they have extensive experience in the investment industry.
Additionally, with the assistance of other personnel, they have created a culture, business model, process, team, and brand that have impacted the industry significantly. Such strategies explain why a company such as SBC was willing to acquire Fortress and allow it to continue operating independently. In total, the management committee at Fortress Investment Group is made up of sixteen leaders. They are either in New York, San Francisco or Los Angeles to ensure that the company’s operations in its areas of interest are running accordingly.
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