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.