Chief Executive Officer Dan Mudd of the Fortress Investment Group will be taking a leave of absence. So, for the meantime, the Fortress Investment Group appointed Randal Nardone as the Interim Chief Executive Officer. He will assume the duties of a CEO without delay. Randal Nardone is 55 years of age, and he was listed on the Forbes Magazine’s “World’s Billionaires” in 2007. At that time his net worth was $1.8 billion. He is a Principal and Co- Founder of the Fortress Investment Group, which je joined in 1998. His billionaire status came to be when Fortress became a publicly traded company during the early part of 2007. He similarly served as the investment firm’s Board of directors ever since November 2006. Randal Nardone’s past professional experience comprises being a managing director of UBS, and before he joined the great Swiss Bank, Nardone was BlackRock Financial Management’s principal. And before that, he was Thacher Proffitt and Wood’s executive committee member and partner.
Nardone completed his bachelor’s degree in science at the University of Connecticut. He also has a Jurisprudence Degree from the Law School of Boston University. The SoftBank Group Corporation or SBG publicly broadcasted that is has finally sealed the acquisition agreement with Fortress Investment Group. Softbank paid $3.3 billion cash in order to have the investment firm under its wing. After the transaction, SoftBank and its affiliates will be in possession of the overall outstanding shares of Fortress. The finalization of the deal construes the fulfillment of all the stipulations, which similarly includes the receipt of all compulsory supervisory endorsements as well as the consent of the Fortress’ shareholders on the 12th of July 2017.
Relevant to the acquisition, every remaining share of Fortress’ Class A share was transformed with the right to gain $8.08/ share in cash, where the merger profits will be disseminated in agreement with the payment processes stated in the Definitive Proxy of Fortress that was dated on the 7th of June 2017, including the Merger Agreement that was integrated within. Simultaneous to the finalization of the acquisition agreement, the common stocks of Fortress have stopped trading on the New York Stock Exchange, and will be deleted from the list of publicly traded companies. The financial statements of Fortress will be included in SoftBank’s financial statements, and it will publicize the effect of the consolidation as needed. Pete Briger, Wes Edens, and Randal Nardone will remain to oversee Fortress, which will operate independently from SoftBank.