SoftBank Group Corp is in late-stage talks to promote asset supervisor Fortress Investment Group to Abu Dhabi-based sovereign wealth fund Mubadala for as a lot as $3 billion, the Financial Times reported on Wednesday.
The talks have been occurring since final yr and a deal, which can assist Softbank pay down its debt, may very well be introduced later this month, the report stated, citing three folks briefed on the matter.
Softbank Chief Executive Officer Masayoshi Son stated final yr that he’s in discussions to promote Fortress, with out commenting on a valuation.
Son has championed the deal, hoping to get a worth near what the corporate paid for Fortress, the FT stated. Softbank acquired Fortress in 2017 for $3.3 billion.
Softbank, Fortress, and Mubadala didn’t instantly reply to Reuters’ requests for remark.
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Source: economictimes.indiatimes.com