Abu Dhabi sovereign wealth fund Mubadala Investment and Fortress Investment Group have agreed to buy 90% of the equity held by Japanese conglomerate SoftBank Group in the U.S. asset manager.
Mubadala will own 70% of the equity in Fortress, while Fortress management will hold a 30% equity interest and a class of equity entitling it to appoint a majority of seats on the board, the firms said on Monday.
Fortress will continue to operate as an independent investment manager after the deal closes. Drew McKnight and Joshua Pack will become co-CEOs and Pete Briger will be named chairman.
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