Months of protracted talks to sell SoftBank Group-owned asset manager Fortress Investment Group to Abu Dhabi sovereign wealth fund Mubadala have reached a late stage, with the parties close to a deal for as much as $3bn.
A sale, which would transform Mubadala into one of the largest credit investors in the world by adding Fortress’s close to $50bn in assets under management, could be announced later this month, said three people briefed on the matter. Some cautioned that talks could still falter, while the price could be below $3bn.
SoftBank acquired control of Fortress for $3.3bn in 2017 as its founder Masayoshi Son worked to build an asset management arm using its Vision funds. Son and other SoftBank executives had hoped Fortress would provide expertise in raising private funds as it sought to transform its business.
In August, SoftBank said it would consider selling Fortress, beginning a process of asset sales and other cash-raising exercises as the debt-laden Japanese technology conglomerate pursues what Son described as “defence mode”.
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