According to a recent Reuters article, New York based asset management firm Fortress Investment Group may be up for sale as Softbank Group Corp considers their options.
Softbank acquired Fortress Investment Group for a massive sum of over $3 billion back in 2017 but are now considering selling off the company after coming to the conclusion that they have been unable to mesh operations of the New York firm with those the Japanese based parent company.
Nothing is set in stone, however, as discussions are still in the early stages, and neither Softbank Group Corp nor Fortress Investment Group had responded to requests for further comment at the time this article was written. Founded in 1998, and currently managing assets worth nearly $50 billion on behalf of roughly 1,800 various private investors and institutional clients throughout the world, Fortress Investment Group has recently attempted to add British grocery chain Morrisons to their list of clients, offering up a bid of $9.3 billion (£6.7 billion) after top shareholders previously rejected a smaller bid.
However, with Morrisons share prices continuing to increase, shareholders may decide to hold out for an even higher offer from the New York firm. Another holds up may have to do with concerns over pensions. According to an article in Finsmes, trustees are concerned that pension funds may weaken without an additional support package agreed upon before things are finalized.