Fully Acquisition of Fortress Investment Group by Softbank Group

Softbank Group is a financial firm that purchased the prominent Fortress Investment Group for 3.3 billion US Dollars. Softbank and all its subsidiaries closed a deal on full ownership of all remaining Fortress shares. The deal was closed after all conditions of the transaction were fully met inclusive of approval of the transaction by Fortress shareholders on 12th July 2017 as well as acceptance of receipt of all regulatory. After the completion acquisition, every outstanding share of the Fortress Class A was converted to 8.08 USD per share that was to be received in cash. This was also accompanied by the proceeds of the merger after which would then be distributed as per the payment procedures that was set in Definitive Proxy of Fortress dated in 7th June 2017 in conjunction with Merger Agreement. The common stocks of Fortress stopped trading and was to be removed from the New York Stock Exchange.

The Financial result of Fortress Invest Group will then be incorporated and reflected on the consolidated financial statement of SoftBank after the acquisition closing date of 27th Dec 2017. SoftBank Group will then announce on the impact of consolidation as usual. Fortress Investment Group will run in SoftBank independently with its headquarters in the New York. Its major leaders Wes Edens, Randal Nardone, and Peter Briger will still hold the leadership position. To maintain the growth and incredible performance of Fortress, Softbank is set to keep all qualities that led to its success such as brand, leadership, personnel, business model, procedures and culture. Find out more about Fortress Group Investment at patch.com

About SoftBank

Softbank Group is an international technology participant that aims at driving the Information Revolution. SoftBank is made up of the holding firm SoftBank Group Corp in conjunction with a global portfolio of firms that incorporates advanced internet services, telecommunication, smart robotics, AI, IoT, as well as clean energy technology providers. The Softbank Vision Fund which globally invests in both business and technology and is set to help the next stage of the Information Revolution made its first ultimate close with more than 93 million US Dollars in committed capital in May 2017.

About Fortress Investment Group

Fortress Investment Group is the best, a highly diversified worldwide investment company managing assets worth $36.1 billion US as of 30th September 2017. It was launched in 1998 and carries out asset management of more than 1750 institutional clients and private investors of real estate, credit, private equity investment strategies, and permanent capital.

Visit: https://www.linkedin.com/company/fortress-investment-group


GreenSky Goes Public After A Phenomenal 12 Years

GreenSky arranges loans for home improvement projects to property owners across the country. Customers can apply for the loan online via tablet or smartphone using the company’s mobile app. At the point of sale, the contractor can even get it started for them by simply scanning their ID card. The customer will receive an answer within minutes as to the loan status.

The company is based in Atlanta, GA. One of its co-founders, Mr. David Zalik, serves as the firm’s Chief Executive Officer. David, long considered a math whiz, founded the company in 2006. The firm went public recently, and the stock rose by 1.5% on the first day. GreenSky is considered to be one of the best fintech companies. The company does not lend the money itself. GreenSky will match a customer with the lender to orchestrate the loan. They will loan money up to $65,000 for the more costly home improvements such as kitchen or bath renovations, roofing jobs, and more. Greensky works with some of the large retailers and contractors, and they in turn make the service available to their customers.

After 12 years of running the company privately, the IPO produced tremendous results for all involved parties. GreenSky had projected sales of 34 million shares, and instead 38 million shares were sold that raised $874 million. David Zalik, as well as the other co-founders, the management team, and the investors will all share in part of the proceeds. David is still a majority owner of the company, and it is reported that his net worth is currently $2.5 billion.

The company has been successful starting from its early days as a new startup. Loans totaling approximately $12 billion have been issued to 1.7 million customers over the years. In 2017, they quietly acted as middleman for close to $3.8 billion in loan volume, and that figure represents an increase of 30% from the year before.