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SoftBank Buys NY's Fortress Investment Group For $3.3B

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Japanese telecom behemoth SoftBank Group bought out New York private equity firm Fortress Investment Group for $3.3B in a move that came as a surprise to many analysts.

As the owner of 195 properties totaling 14M SF, Fortress is a major investor in U.S. real estate and has $70.1B of assets under management, CoStar reports. SoftBank is a multinational telecommunications and internet firm worth $85B, and after the deal closes this summer it will manage Fortress as a privately held subsidiary.

Fortress execs said the deal lets them move from public ownership and back into the private sector. Most of Fortress’ senior execs are expected to stay in their current roles.