– SoftBank Group Corp is considering a sale of Fortress Investment Group as it explores options for the asset manager, Bloomberg News reported on Monday, citing people with knowledge of the matter.
The Japanese conglomerate bought Fortress for more than $3 billion in 2017. (https://reut.rs/3mzd4xI)
However, SoftBank was not able to mesh Fortress’s operations with its own, leading to its decision to explore other options, the report said, adding that discussions were at an early stage.
SoftBank and Fortress did not immediately respond to Reuters requests for comment.
Founded in 1998, New York-based Fortress manages assets on behalf of about 1,800 institutional clients and private investors worldwide, according to its website.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath)