Fortress Investment Group had quite the year in 2018 and has continued to grow its conglomerate into one of the largest firms in the world. SoftBank Group Corporation recently acquired Fortress for $33.3 billion and will let the firm continue to operate on its own. The firm was created in 1998 and has been making a name for itself in its industry ever since. It was the first fund of its kind to go public on the New York Stock Exchange (NYSDE), and it was the first to remove itself, too. SoftBank is a company that focuses on financing and building up today’s information industry.
The company owns a piece of Uber, Alibaba, and Sprint and backs companies that create many new technologies. Rajeev Misra, chief executive officer of Softbank, recently commented that his company is looking to be invest heavily in 100 tech companies and that this will help to build the world’s largest conglomeration of technology companies. Misra served with Fortress Investment Group as its head of strategic finance before coming to work with SoftBank. Along with being SoftBank’s CEO, he also serves as its executive vice president of its board of directors. Fortress Investment Group has been the first asset management firm of its kind to be purchased by SoftBank.
SoftBank now has representation in the firm’s board but will not take part in controlling any of its operations. This has allowed Fortress to continue to grow its portfolio and to continue to work with New Senior Investment Group. Fortress Investment Group has been focusing on the real estate sector for many years and has already begun to merge with SoftBank’s technology expertise. In 2018, SoftBank announced that it was working on the TSX Broadway development, which makes a lot of sense with the purchase of Fortress. There will be a large development in New York City’s Times Square, and there is news that Facebook, YouTube, Amazon, Walmart, Disney, and Samsung will be looking to be involved. As the future rolls on, more great things are expected to come from the acquisition of Fortress Investment Group by SoftBank.