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SoftBank closes Fortress Investment Group acquisition

SoftBank Group Corp. has completed its $3.3 billion cash acquisition of Fortress Investment Group LLC, effective Dec. 27.

Each outstanding Fortress class A share has been converted into the right to receive $8.08 in cash. Fortress' common stock has ceased trading. The acquired entity will operate within Tokyo-based SoftBank as an independent, New York-headquartered business and continue to be led by principals Pete Briger, Wes Edens and Randy Nardone.

SoftBank will announce the impact of the consolidation as necessary, according to a press release.