SoftBank has announced that it is considering a sale of Fortress Investment Group. This investment company has been making waves in the financial world for quite some time now, and SoftBank’s decision to sell comes as a bit of a surprise to many people. The CEO of SoftBank said that “the global environment does not currently allow us to achieve our desired level of profitability at this time.
” This isn’t the only deal that has been made in the world of finance, however. Global investment firm KKR has announced an agreement with Oxford Automotive Group Ltd., which they acquired for over $1 billion.
Fortress Investment Group is known for taking high risks when it comes to their investments, but this hasn’t always paid off. The company has been known to lose several billion dollars in some cases. However, the sale of Fortress Investment Group doesn’t come as a complete surprise. The firm’s assets have declined by nearly $3 billion since 2014. SoftBank acquired Fortress for $3.3 billion back in February of 2014, and it seems that they won’t be able to get the return on investment that they envisioned when the sale was made.
Fortress Investment Group is a New York based asset management firm that has over 1,750 employees and an impressive $70 billion worth of assets under their management. The company was founded in 1998 by Randal Nardone and Wes Edens (the latter is the current Co-Chairman). It seems that SoftBank wants to focus more on its core business which includes telecoms, internet services, robotics, and artificial intelligence.
In New York, the president and chief executive of Fortress Investment Group, Wes Edens, expressed his excitement for the sale. SoftBank has released an official statement saying that they were excited about the growth that they will be seeing as a result of this purchase. It seems that this investment group will fit in well with the company’s overall goals, which are to expand their business across the world while still focusing on AI and robotics. To learn more visit: here.