SoftBank is close to selling Fortress Investment Group to Abu Dhabi's Mubadala for $3B, which would give it another $50B in assets under management. The sovereign wealth fund has been increasing the number of credit investments and already owns a small portion of Fortress. - As part of its development plan for asset management, SoftBank paid $3.3B in 2017 to take control of Fortress.
- Yoshimitsu Goto, CFO of SoftBank, has been pressing for the sale to help lower debt as the company is anticipated to post losses for multiple years.
- The sale would also be in line with Masayoshi Son, the CEO of SoftBank, who wants to take advantage of the demand for credit investment techniques.
- Being a part of Mubadala, a firm with roughly $300B in assets under management and a substantial impact in the world of private finance, could be strategically advantageous for Fortress.
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