Davis Polk is advising the Special Committee of Independent Directors of Fortress Investment Group LLC in connection with the approximately $3.3 billion acquisition of Fortress by SoftBank Group Corp. The transaction, which was unanimously recommended by the Special Committee and approved by the Fortress board of directors, is expected to close in the summer of 2017, subject to the approval of Fortress shareholders and the satisfaction of customary closing conditions and certain regulatory approvals.
Fortress is a leading, highly diversified global investment firm with $70.1 billion in assets under management as of September 30, 2016. SoftBank is a corporate group comprising the pure holding company SoftBank Group Corp. and 739 subsidiaries, as of March 31, 2016. Softbank’s major subsidiaries include SoftBank Corp., Sprint Corporation, Yahoo Japan Corporation, Brightstar Global Group Inc. and ARM Holdings plc.
The Davis Polk corporate team includes partner John H. Butler and associates Jesse Kramer and Thomas D. Malinowsky. Partner Lawrence Portnoy is providing litigation advice. Partner David H. Schnabel and associate Rachel Lerner are providing tax advice. Partner Jeffrey P. Crandall and counsel Ron M. Aizen are providing executive compensation advice. Partner Gregory S. Rowland and associate James Pyo are providing investment management advice. All members of the Davis Polk team are based in the New York office.