July 12 (Reuters) - Abu Dhabi's Mubadala Investment Co (MUDEV.UL) is in talks to acquire asset manager Fortress Investment Group from Japan's SoftBank Group Corp (9984.T), a source familiar with the matter told Reuters on Tuesday.
The Abu Dhabi sovereign wealth fund is discussing a deal that would value Fortress at more than $1 billion, said Bloomberg News, which first reported the talks. (https://bloom.bg/3Ivtdhg)
SoftBank acquired Fortress in 2017 for $3.3 billion.
Mubadala declined to comment, while Fortress and SoftBank Group did not immediately respond to Reuters requests for comment.
Founded in 1998, Fortress had $53 billion in assets under management as of March 31, on behalf of more than 1,900 institutional clients and private investors, according to the company website.
Reporting by Arunima Kumar in Bengaluru and Saeed Azhar in New York; Editing by Devika Syamnath
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FAQs
Mubadala in talks to buy asset manager Fortress from SoftBank - source? ›
Abu Dhabi's Mubadala Investment Co. will acquire a majority stake in the US asset manager
Mubadala will own 70% of the equity in Fortress, while Fortress management will hold a 30% equity interest and a class of equity entitling it to appoint a majority of seats on the board, the firms said on Monday. Fortress will continue to operate as an independent investment manager after the deal closes.
Does SoftBank still own fortress? ›SoftBank Group agreed to sell its 90% stake in U.S. investment manager Fortress Investment Group to Abu Dhabi-based sovereign-wealth fund Mubadala Investment and Fortress's management, the companies announced.
Who is buying fortress? ›Merger-bound Shearman & Sterling is advising Abu Dhabi state-owned Mubadala Investment Company on its agreement with Fortress Investment Group's management team to acquire the 90.01% stake in Fortress held by SoftBank Group.
What is the legal name of Mubadala Investment Company? ›SoftBank Corp. (the “Company”), consolidated to SoftBank Group Corp. is a primary operating company in the group of SoftBank Group Corp.
Who are the largest shareholders of SoftBank group? ›Principal shareholders
SMBC Nikko Securities Inc. JPMorgan Securities Japan Co., Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Softbank acquired Fortress in 2017 for $3.3 billion.
Is Fortress a real bank? ›Founded in 1998, Fortress manages $44.2 billion of assets under management as of March 31, 2023, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
Who owns Fortress investment? ›Is Mubadala a good company? ›
Mubadala Reviews FAQs
Is Mubadala a good company to work for? Mubadala has an overall rating of 3.9 out of 5, based on over 89 reviews left anonymously by employees. 87% of employees would recommend working at Mubadala to a friend and 78% have a positive outlook for the business.
Mahesh Jadhav - Private Equity - Operating Partner - Mubadala Capital | LinkedIn.
How much is Mubadala worth? ›Its market capitalisation is about $10.3 billion, Refinitiv data showed. At ADIB's current share price, Mubadala's 7.6% stake was worth more than $780 million, according to Reuters calculations.
Who is SoftBank competitor? ›SoftBank's competitors include Telefonica, MTN, Airtel, Orange. SoftBank ranks 23rd among 2851 active competitors.
How many portfolio companies does SoftBank have? ›The strength of 450+ leading tech companies—direct to your inbox.
What percentage of Alibaba is SoftBank? ›TOKYO, March 29 (Reuters) - Shares in SoftBank Group Corp (9984. T) soared on Wednesday after Chinese e-commerce conglomerate Alibaba Group (9988.HK), in which the Japanese technology investor has a 13.7 % stake, announced a major restructuring plan.
Why is SoftBank selling Alibaba? ›SoftBank booked a $34 billion gain last year by cutting its Alibaba stake to 14.6% from 23.7%, as the firm sought to shore up cash reserves amid steep losses incurred by its Vision Fund.
Did SoftBank sell Alibaba shares? ›SoftBank (ticker: 9984. Japan) has sold about $7.2 billion worth of Alibaba (BABA) shares this year through prepaid forward contracts, the Financial Times reported, citing an analysis of regulatory filings.
How much debt does SoftBank have? ›The debt totaled $5.2 billion, according to Bloomberg calculations based on company disclosures. The 65-year-old billionaire holds 17.25% of a vehicle set up under SoftBank's Vision Fund 2 for its unlisted holdings, as well as 17.25% of a unit within the company's Latin America fund, which also invests in startups.
Why did SoftBank buy Fortress? ›SoftBank Group bought Fortress in 2017 for $3.3 billion. Through the acquisition, SoftBank sought to incorporate Fortress's wide-ranging investment know-how. Fortress, established in 1998, is especially strong in corporate acquisitions and real estate investment.
How much is Fortress Investment Group worth? ›
Overview. Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $45.8 billion(1) of assets under management as of December 31, 2022.
Did SoftBank shed 30% of vision fund staff as it seeks to cut costs? ›SoftBank is planning to cut at least 30% of staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC. At least 150 out of 500 Vision Fund workers will be impacted by the cuts, according to Bloomberg, which first reported the news Thursday.
How many employees does Fortress Investment Group have? ›Fortress Investment Group has 2,533 employees.
Who owns Fortress Group? › Who are the largest shareholders of New Fortress Energy? ›| Holder | Shares | Date Reported |
|---|---|---|
| Great Mountain Partners LLC | 25,559,846 | Mar 30, 2023 |
| Fortress Investment Group LLC | 13,399,317 | Mar 30, 2023 |
| Capital World Investors | 10,786,501 | Mar 30, 2023 |
| Vanguard Group, Inc. (The) | 5,919,648 | Mar 30, 2023 |
Fortress Partners's competitors include Franklin Templeton India, ARK Investment Management, First Trust Portfolios, GAMCO. Fortress Partners ranks 74th among 138 active competitors.
Who are Fortress Investment Group competitors? ›Fortress Investment's competitors and similar companies include Oaktree Capital, The Carlyle Group, The D. E. Shaw Group, Cerberus Capital Management, Apollo Global Management and Investcorp.
Does Mubadala pay well? ›Does Mubadala pay their employees well? According to anonymously submitted Glassdoor reviews, Mubadala employees rate their compensation and benefits as 4.0 out of 5.
How much does Mubadala pay associates? ›Who is the head of responsible investing Mubadala? ›
Derek is the Head of Responsible Investing at Mubadala Investment Company and has been a member of Mubadala's Senior Executive Management team since 2006.
Who is head of venture Mubadala? ›“It's no doubt probably one of the most exciting new supercycles that's happening in technology,” says Ibrahim Ajami, head of ventures at Mubadala Capital.
Is Mubadala private or public? ›The Mubadala Development Company is a sovereign wealth fund established in 2002 as a public joint-stock company by the government of Abu Dhabi, which remains its sole shareholder.
What is the largest investment fund in the Middle East? ›According to the Las Vegas-based SWF Institute ranking, the largest Middle Eastern fund is currently the Abu Dhabi Investment Authority (ADIA) with $790 billion total assets, up about $100 billion year-over-year (y-o-y).
Which country has the biggest sovereign wealth fund? ›Mubadala's history is anchored on the vision and legacy of the late Sheikh Zayed bin Sultan Al Nahyan, who championed the establishment of a progressive governmental structure and channeled the UAE's newfound oil resources - struck in the 1950s - towards the creation of critical infrastructure to support healthcare, ...
Who owns Mubadala investment company? ›The company is a wholly owned investment vehicle of the government of Abu Dhabi, in the United Arab Emirates, and Sheikh Mohamed bin Zayed, the current ruler of Abu Dhabi and President of the United Arab Emirates, is a chairman in the company.
What percentage of ARM does SoftBank own? ›SoftBank Group owns 75% of Arm, with the rest held by the Vision Fund. While how much of SoftBank's stake would be sold in the IPO remains unclear, the group said Monday that Arm would remain a consolidated subsidiary and that SoftBank does not expect a "material effect" on its earnings or financial position.
What is SoftBank backed companies? ›- SoftBank Corp. Provision of mobile communications services; sale of mobile devices; provision of broadband communications services and solution services in Japan. ...
- A Holdings Corporation. ...
- Z Holdings Corporation. ...
- PayPay Corporation. ...
- Cybertrust Japan Co., Ltd. ...
- SB Technology Corp. ...
- ITmedia Inc. ...
- Vector Inc.
Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). Softbank Group Corp's top holdings are T-Mobile Us Inc (US:TMUS) , Lemonade Inc (US:LMND) , NVIDIA Corporation (US:NVDA) , EQRx Inc (US:EQRX) , and Nu Holdings Ltd. Class A Ordinary Shares (US:NU) .
Did Mubadala Capital acquire majority stake in Americas Trading Group? ›
Mubadala Capital Acquires Controlling Stake in Brazil's Americas Trading Group. (Money Times) Mubadala Capital, the asset management arm of sovereign investor Mubadala Investment Company, acquired a controlling stake in Americas Trading Group, a Brazil-based electronic trading platform.
Why is SoftBank so rich? ›In March 2021, SoftBank made a record $36.99 billion profit from its Vision Fund unit and investment gains via the public market debut of Coupang. SoftBank Group's net profit was $45.88 billion (¥4.99 trillion). It was the largest recorded annual profit by a Japanese company in history.
What percentage of Alibaba does SoftBank own? ›On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%.
Why did SoftBank buy ARM? ›SoftBank believes that both it and ARM share the same technology-oriented culture, long-term vision, focus on innovation and commitment to attracting, developing and retaining top talent.
Who owns Fortress investment Group? › Did SoftBank sell Alibaba? ›SoftBank (ticker: 9984. Japan) has sold about $7.2 billion worth of Alibaba (BABA) shares this year through prepaid forward contracts, the Financial Times reported, citing an analysis of regulatory filings.
Which startups are SoftBank backed? ›Some of SoftBank's most heavily funded unicorns, including Unacademy, Meesho, Swiggy and Cars24, were among the companies that reduced costs the most, according to the people. Employee benefits often represent one of the largest, if not the largest, expenditure categories for technology startups.
Is SoftBank a good buy? ›Overall, SoftBank Group Corp stock has a Value Grade of C, Quality Grade of C, Momentum Grade of C . Whether or not you should buy SoftBank Group Corp stock will ultimately depend on your individual goals, risk tolerance and allocation.