Japanese conglomerate Softbank Group is said to be mulling a sale of American asset manager Fortress Investment Group, according to people familiar with the matter, Bloomberg reports. The Masayoshi Son-led company acquired Fortress back in 2017 for over $3bn with hopes of leveraging Fortress’ expertise in managing its massive Vision fund that was just being launched. However, all did not go as planned as the Committee on Foreign Investment in the US required Softbank to cede any control of Fortress’ day-to-day operations. The asset manager has thus been run independently since the acquisition. Talks of a possible sale are at an early stage with no details on the consideration, and agree with Softbank’s strategy of offloading non-core assets following stake sales in Boston Dynamics Inc., Brightstar Corp. and Arm Ltd. and T-Mobile US Inc.
Softbank’s 6% Perp is trading stable at 100.125 yielding 5.92% currently.
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