The three leaders of Fortress Investment Group LLC will reap a combined $1.39 billion from the sale of the alternative-asset manager to SoftBank Group Corp.
Co-Chairmen Pete Briger and Wes Edens own stakes worth $510 million and $511 million, respectively, at the $8.08 per-share offer price announced Tuesday, based on ownership disclosed in the company’s most recent proxy statement. Chief Executive Officer Randy Nardone’s Class A shares were valued at $371 million.
The trio have agreed to remain in charge of the business and invest half of their after-tax proceeds from the sale in the company’s funds, according to a statemenBuying Fortress is an effort by Japan’s SoftBank to bring investment talent in-house as founder Masayoshi Son works to create a $100 billion Vision Fund with a consortium of backers, making the billionaire one of the world’s biggest technology investors. The deal for Fortress is for both “human capital” and “investment potential,” according to a person with knowledge of the matter, who asked not to be identified because SoftBank’s strategic details aren’t public.
The offer for New York-based Fortress is 39 percent above its Feb. 13 closing price and values the asset manager at $3.3 billion. Shares of Fortress closed up 6.5 percent at $6.21 on Tuesday, giving the company a market value of about $2.4 billion.