Fortress Investment Shares Rally On SoftBank Takeover Deal

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.