It is good to have confidence in one’s business partners. This helps to maintain trust and mutual respect between partners in a business arrangement. Nothing is more important than this when it comes to a business merger. Luckily, for SoftBank Group it is confident in the track record of its latest acquired company, Fortress Investment Group.
Masayoshi Son, CEO and Chairman of SoftBank said that he was attracted to Fortress Investment Group due to Fortress’s previous track record. Fortress will bring a wealth of knowledge, experience and expertise in the area of investment. This will be a valuable asset for SoftBank as it continues to expand and revolutionize how information is utilized in business and by consumers.
Fortress Investment Group is the perfect acquisition in that it fits right into SoftBank’s already-existent plans for expansion and growth. SoftBank plans to utilize Fortress’s resources to help facilitate its transformation strategy, which Son refers to as “SoftBank 2.0″. The transformation strategy consists of smart investment decisions, top-notch execution which the company hopes will result in long-term and sustainable growth for the business.
On the other end of the deal, Pete Briger and Wes Edens, Fortress co-Chairmen, also have mutual confidence and respect for SoftBank as a company. They knew that merging with SoftBank would be a smart move due to Son’s strong leadership which they described as “visionary.” The two Chairmen of Fortress are also excited to join SoftBank due to its large scale and deep resources. Additionally, they remarked on SoftBank’s focus on innovation, service and performance.
The agreement between the two companies will result in SoftBank purchasing outstanding shares of Fortress Investment Group for $3.3 billion in cash, which is $8.08 per share. SoftBank will reflect financial results from Fortress in all of SoftBank’s financial statements following the completion of the acquisition in late December 2017.
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