Abu Dhabi-based Mubadala in talks to buy asset management company Fortress from SoftBank

Mubadala The investment company is negotiating the acquisition of a management company Fortress Investment Group from Japanese conglomerate SoftBank Group Corp., – said people who understand this issue.

The Abu Dhabi Sovereign Wealth Fund is discussing a deal that would value the Fortress at more than $1 billion, one of the people said, asking not to be named because the information is private. Mubadala has long been an analogue of SoftBank, and in 2017 announced that it would be among the anchor investors of the debut Vision Fund.

Although negotiations with Mubadala are at an advanced stage, people say they are not certain they will reach an agreement and other potential buyers may emerge. Bloomberg News reported in November that SoftBank, which is run by a billionaire Masayoshi Sonstudied options for Fortress, including a possible sale.

Representatives for Mubadala, SoftBank and Fortress declined to comment.

SoftBank acquired Fortress in 2017, intending to use the New York firm’s expertise to manage its giant Vision Fund.

“This opportunity will immediately help empower our group, and along with our SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world-class execution to deliver sustainable long-term growth,” SoftBank’s Son said in a 2017 statement.

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The son’s plans were thwarted. In order to gain approval from the U.S. Committee on Foreign Investment, SoftBank agreed to transfer day-to-day control of Fortress, which has been operated independently since the acquisition.

The firm, led by co-chairs of chief executives Pete Brieger and Wesley Edens, managed $53.3 billion as of December 2019. 31, according to his website.

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