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SoftBank completes Fortress acquisition

SoftBank Group has completed its previously announced acquisition of Fortress Investment Group (Fortress) for USD3.3 billion in cash. Following the close of the transaction, SBG and its wholly-owned subsidiaries own all outstanding Fortress shares. 

The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Fortress shareholders on 12 July, 2017 and receipt of all necessary regulatory approvals.

As a result of the acquisition, each outstanding Fortress Class A share was converted into the right to receive USD8.08 per share in cash, with merger proceeds to be distributed in accordance with payment procedures outlined in Fortress’s Definitive Proxy dated 7 June, 2017 and the Merger Agreement incorporated therein. Fortress’s common stock has ceased trading and will be delisted from the New York Stock Exchange. Fortress’s financial results will be consolidated and reflected on SBG’s consolidated financial statements following the acquisition closing date of 27 December (EST), 2017. SBG will announce the impact of the consolidation as necessary.

Fortress will operate within SoftBank as an independent business headquartered in New York. Fortress Principals Pete Briger, Wes Edens and Randy Nardone will continue to lead Fortress. SoftBank is committed to maintaining the leadership, business model, brand, personnel, processes and culture that have supported Fortress’s success to date.

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