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SoftBank Group completes the acquisition of Fortress Investment Group

17 January 2018
SOFTBANK GROUP COMPLETES THE ACQUISITION OF FORTRESS INVESTMENT GROUP
 
doBank S.p.A. (“doBank”) informs that SoftBank Group Corp. (“SoftBank” or “SBG”) announced on December 28, 2017 the completion of the previously announced acquisition of Fortress Investment Group LLC (NYSE: FIG) (“Fortress”) in cash. Following the close of the transaction, SBG and its wholly-owned subsidiaries own the outstanding Fortress shares (the “Transaction”).
 
The completion of the Transaction follows the satisfaction of all conditions to the closing and the receipt of all necessary regulatory approvals, as stated in the press release issued by SoftBank and available in the “News” section of www.softbank.jp. Fortress’s common stock has ceased trading and was 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 December 27, 2017.
 
SoftBank also reports that 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, and that SoftBank is committed to maintaining the leadership, business model, brand, personnel, processes and culture that have supported Fortress’s success to date.
 
The existence of the mentioned Transaction was described as a risk factor in the “Documento di Registrazione” as part of the listing process of doBank in the Borsa Italiana stock exchange. Specifically, with regards to doBank – in its capacity as controlled entity under Article 93 of the Consolidated Financial Act by Avio S.à.r.l., in turn owned by vehicles controlled by funds managed by the Fortress Group – SoftBank was required under article 19 of TUB, among others, to file for the preventive authorization request in connection with the acquisition, albeit indirectly, of a controlling interest in a bank, to be issued by the ECB upon proposal of the Bank of Italy (additional information is available in chapter 4, section 4.1.12 and chapter 18, section 18.4 of the “Documento di Registrazione”).
 
At the time of the “Documento di Registrazione” it was not possible to ensure completion of the Transaction prior to the beginning of trading of doBank shares, nor before the cutoff date stated in the Fortress acquisition contract (i.e. December 31, 2017) due to, among others, the possible non satisfaction of the conditions precedent, including the granting of the authorization requests to the competent supervisory authorities with regards to the supervised entities falling within the Fortress participation chain.