In one of the most anticipated acquisition deals of 2017, Softbank has acquired Fortress Financial Group in a cash buyout estimated to be $3.3 billion. According to a Techcrunch report dated February 14, 2018, the purchasing of Fortress comes after Softbank acquired significant holdings in several financial and tech entities, including Jawbone, ZestFinance, Lyft and Xapo. The cash deal between Soft Bank, a Japanese multinational corporation and Fortress was first pronounced in February 14, 2017 and completed in December 27, 2017. Fortress Investment Group is a leading investment manager specializing in managing credit funds, private equity and liquid hedge fund. The publicly traded company supports businesses from diverse backgrounds from real estate to technology.
Softbank is one of the world’s largest providers of mobile telephony, fixed line, telecommunication, web services and digital TV products. The acquired institution will be run as a separate entity from the parent company. Confirming the acquisition and its particulars, the Chief Executive Officer of Softbank Mr. Masayoshi Son said Fortress will operate as an independent concern led by the current principals Pete Briger, Randy Nardone and Wes Edens. In addition, Fortress will work directly with the newly created Vision Fund, in which SoftBank has committed $100 Billion. The fund is run by a former employee of Fortress, Mr. Rajeev Misra. According to Softbank CEO, the Fortress Investment Group acquisition will offer SoftBank a latching pad to expand its capabilities and strengthen its Vision Fund Platform in order to transform the company’s growth strategies.
The deal with SoftBank was collectively approved by Fortress Investment Group’s special committee of independent directors. The long term vision for Softbank 2.0 is to become a bolder, efficient and more sustainable company. Past and current employees of Fortress Investment Group have a lot of good things to say about the company. Reviews on the career website Indeed.com reveal the following. On January 25, 2018, a former Fortress Debt Intern based in New York made a brief post saying that motivated interns are awarded many responsibilities as well as the opportunity to work alongside an elite group of investment professionals. On April 2017, an Analyst currently working for the company posted the list of incentives offered by the firm.
The list included an opportunity to work with smart co-workers, attractive remuneration and a conducive environment to learn and grow. A current Vice President commented on April 29, 2013 that Fortress is a deadline driven and a fast paced place to work. According to him, you can excel in the company if you are a quick thinker and a productive worker. Workers also need to learn about the company’s complex structure and the various investment products to be able to operate effectively. Another employee who currently serves as an Associate in New York made a commentary on June 2017 saying the company often challenges its workers to be better at what they do. According to the Associate, Fortress recognizes hard work and dedication, thanks to its diverse pool of clientele and product offerings.
To Read More Click Here