Mubadala, Fortress Management Buy US Asset Manager From SoftBank

Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Fortress Investment Group agreed to buy 90% of the equity held by Japanese conglomerate SoftBank Group Corp. in the US asset manager.

(Bloomberg) — Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Fortress Investment Group agreed to buy 90% of the equity held by Japanese conglomerate SoftBank Group Corp. in the US asset manager.

Mubadala will own 70% of the equity in Fortress, while Fortress management will hold a 30% equity interest and a class of equity entitling it to appoint a majority of seats on the board, the firms said on Monday.

The companies didn’t disclose terms. Bloomberg News has reported that a deal that could potentially value the US asset manager at more than $2 billion.

SoftBank acquired Fortress in 2017, intending to use the New York-based firm’s expertise to help manage its behemoth Vision Fund.

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