Shares of Fortress Investment Group LLC rallied in the extended session Tuesday after SoftBank Group Corp. said it was acquiring the investment firm for $3.3 billion. Fortress shares jumped 23% to $7.62 after hours. Under the deal, Softbank said each Fortress shareholder will get $8.08 a share. Co-Chairmen Pete Briger and Wes Edens along with Chief Executive Randy Nardone agreed to remain at Fortress, and invest 50% of their after-tax proceeds from the transaction in Fortress-managed funds, SoftBank said. Softbank expects the deal to close in the second half of 2017.
Copyright © 2017 MarketWatch, Inc.