Japanese telecommunication and finance conglomerate SoftBank is set to purchase American private equity giant Fortress Investment Group. Fortress currently oversees around $70 billion in assets.
“Fortress’s excellent track record speaks for itself, and we look forward to benefiting from its leadership, broad-based expertise and world-class investment platform,” Mr. Son said in a statement late Tuesday. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth.” Over the past three decades, SoftBank has become one of Japan’s most formidable technology companies. It is perhaps best known for its telecommunications empire, which stretches from Japan to Sprint in the United States. SoftBank also has portfolio of investments that includes stakes in the Alibaba Group of China, the Japanese affiliate of Yahoo and start-ups like the online lender SoFi. At its helm, the entire time, has been Mr. Son.