SoftBank Group Corp announced that the $3.3 billion purchase of Fortress Investment Group has been finalized. The ongoing negotiations between the two business entities had been previously disclosed to the public and not that the agreement is completed SBG now owns all shares in Fortress that remain outstanding.Fortress will maintain its headquarters in New York City and operate independently under the SoftBank umbrella. The operations of Fortress will continue to be lead by principals Wes Edens, Pete Briger, and Randy Nardone. SoftBank for its part is committed to keeping the elements in place that have been responsible for the success of Fortress Investment Group to this date.Fortress Investment Group was founded in 1998 by Wesley Edens, businessman Rob Kauffman, and Randal A Nardone and begin operations exclusively as a private equity firm. Fortress soon expanded its areas of operations to include investments in real estate, hedge funds, as well as debt securities. The company continued to grow and became the first large-scale private equity firm in the country to be traded publicly on the New York Stock Exchange. Another key accomplishment for Fortress Investment Group was becoming the primary lender for Millennium Development Group in order to build the athlete’s village for the 2010 Olympic games that was built in Vancouver, Canada at a cost of $875 million. Construction of the village was completed in 2009 and ownership of the village was transferred to Fortress Investment Group following the completion of the 2010 Winter Olympics.The acquisition on the part of SoftBank is seen as the perfect opportunity for the Japanese company to penetrate United States financial markets. This move on the part of SoftBank is part of a series of moves intended to strengthen the company’s position in United States real estate and finance markets.A month before finalizing their Fortress acquisition, SoftBank invested $450 million in the real estate technology company, Compass. The deal has been heralded as the largest ever investment in real estate technology that has taken place in America. And two years ago SoftBank was a lead investor in the billion dollar round of funding for the lending startup Sofi that is based in San Francisco, California.

About SoftBank

SoftBank Group is a major player in the global technology industry and seeks to become the driving force of the Information Revolution. The SoftBank Vision Fund makes investments globally that will facilitate the next stages of development in this revolution. SoftBank’s first major close saw the company commit more than $93 billion in monetary capital.

About Fortress

Fortress Investment Group LLC. is an investment firm that has more than $36 billion in assets and maintains a highly diversified portfolio. Fortress Investment Group was founded in 1998 and is responsible for managing the assets for more than 1700 clients and private investing entities from around the world and across a wide range of investing industries.