On December 27, 2017, the SoftBank Group Corp., a Japanese banking giant, finalized on its agreement to acquire the Fortress Investment Group. The final transaction costed the SoftBank Group $3.3 billion. Shareholders of the Fortress Investment Group received $8.08 per share for their shares, a $2.25 bump in value from its market price of $5.83. The Fortress Investment Group is a global leading alternative asset manager who specializes in making investments in credit funds, hedge funds, private equity, real estate and railroads. The Fortress Investment Group has approximately $69.6 billion in assets under its management, half of which is in fixed income and the rest in credit private equity, credit hedge funds, private equity, and permanent capital vehicles. Randal Nardone is very optimistic about the deal finalizing and believes that it will serve to strengthen the Fortress Investment Group in that in the future the firm will be able to grow faster as it will now have access to greater credit sources. Check out discoverorg.com about Randal Nardone
Randal Nardone was a high-powered lawyer and partner at law firm of Thacher Proffitt & Wood, but decided to forsake it in favor of a career as a principal at BlackRock Financial Management, Inc. In May 1997, Randal Nardone joined UBS AG to serve as a managing director. In 1998, Randal Nardone co-founded the Fortress Investment Group LLC with Wes Edens and Rob Kauffman and became one of the firm’s three Principals. His decision to forsake a career as a high-powered lawyer in favor of a career in the financial industry paid off big-time in 2007 when the Fortress Investment Group went public making him an instant billionaire as he owes 53 million shares of the Fortress Investment Group’s stock, which were valued at $1.6 billion. This resulted in him landing on an exceptionally elite list, Forbes Billionaire List. His ranking on the list was #557. However, as the Fortress Investment Group’s stock price fell significantly since its Initial Public Offering, Randal Nardone fell out of Forbes Billionaire List. There is no need to feel sorry for him as the SoftBank Group Corp. acquisition of the Fortress Investment Group conferred upon him a windfall in excess of $30 million.