Now Entering Russ's World
Fortress Investment Group has been acquired by SoftBank Corp. for $3.3 billion. The share holders approved this acquisition on July 12th, 2017. Each class A share of the Fortress Investment Group was received for $8.08 in cash, and the payment procedures to make these transactions are outlined in the Fortress Investment Group proxy. The Fortress Investment Group stock has ceased trading, and is no longer on the New York Stock Exchange. SBG will announce any necessary impacts to share holders over the next few months.
Fortress Investment Group will still be run by Peter Briger, Wes Edens, and Randy Nardone. The SoftBank is committed to allowing the Fortress Investment Group to run the way it has, with the same culture and philosophy in place. Fortress Investment Group has $36.1 billion in assets under management, as of the end of September in 2017. Fortress Investment Group was founded in 1998, and manages the money of over 1,750 clients and private investors that are located around the world. Fortress Investment Group has private equity, hedge fund, real estate, distressed debt, and other solutions and services that it offers to its clients. Fortress Investment Group is now an independent business partner with in the SoftBank Corporation.
Wes Edens was a former partner at the Investment Bank Lehman Brothers before he co-founded the Fortress Investment Group. Four years later, Peter Briger joined the company, after spending fifteen years at the investment bank Goldman Sachs and Company. Briger learned about trading, distressed debt markets, and real estate investing while he moved up the ranks and became a partner at the firm. Briger would buy car loans that were desperately in need of selling, and this allowed him to buy those loans at a discount. After the market picked up, he would sell the notes for a profit. This is an example of a distressed debt trader and what they might do to make money.
Edens was a former partner at BlackRock, which is one of the most successful private equity firms and was started by Steve S. Nardone was a managing director at the bank UBS. The company went public in 2007. In 2014, Fortress Investment Group was named the Hedge Fund Manager of the Year by Institutional Investor and Management Firm of the Year by HFMWeek. SoftBank had agreed to buy the Fortress Investment Group for $3.3 billion in cash in February of 2017.
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