SoftBank to buy US investment firm Fortress for $3.3B - Mobile World Live

SoftBank to buy US investment firm Fortress for $3.3B

15 FEB 2017

SoftBank is set to acquire Fortress Investment Group for $3.3 billion which, alongside its $100 billion Technology Vision Fund, sees the company diversify into private equity funding.

The Japanese company regularly voiced its intent to become a major investor in the technology sector to drive its future growth, but today’s acquisition sees the company acquire a large portfolio of investments across multiple sectors.

Announcing the deal, SoftBank chairman and CEO Masayoshi Son said: “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.”

Although yet to start operation, its Technology Vision Fund already achieved much of its targeted seed funding. SoftBank contributed $25 billion, its launch partner Saudi Arabia Public Investment Fund guaranteed around $45 billion and several other backers have pledged support, including Apple which is reportedly investing $1 billion.

At the launch of the fund in October 2016, Son said: “Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the information revolution by contributing to its development.”

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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