Mubadala Capital along with Fortress management entered into definitive agreements to acquire 90.01% stake in Fortress Investment Group LLC from SoftBank Group Corp. (TSE:9984) on May 19, 2023. After transaction close, Fortress management is expected to own a 30% equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board. Mubadala Capital (which currently holds a 9.99% stake in Fortress through its Private Equity Funds II and III), will own 70% of Fortress equity. After the closing, Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and operations. Drew McKnight and Joshua Pack will be appointed co-Chief Executives of Fortress and Pete Briger will be appointed Chairman. Mubadala Capital?s Chief Executive Officer and Managing Director, Hani Barhoush, who has served on Fortress? board since 2019, will continue to serve on the board. Dean Dakolias will continue in his role as Managing Partner and Tom Pulley will continue in his role as the Chief Executive Officer of the global Fortress Real Estate business. Jack Neumark has been appointed a Managing Partner and will continue to lead the Legal Assets business and co-head the Specialty Finance business, and Marc Furstein will continue in his role as President. Fortress co-Founders Wes Edens and Randy Nardone will continue to oversee the PCV business and remaining PE investments, including Brightline. As of September 18, 2023. The European Commission (EC) has cleared Abu Dhabi's investment fund Mubadala Investment Company?s agreement to take over Fortress Investment Group.

The deal is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2024. Ardea Partners served as financial advisors and Clare O?Brien and Sean Skiffington of Shearman & Sterling served as legal counsel to Mubadala. Goldman, Sachs & Co. LLC served as financial advisor and Daniel Lavon-Krein, Christopher Gandia, Carlo Zenkner, Mark Schwed, Florence Zhang, Christopher Urruela Stauss, Scott Price, Sally Ye, Jocelyn Hirsch, Thomas Dobleman and Josh Korff of Kirkland & Ellis served as legal counsel to Fortress senior management in the transaction. Skadden, Arps, Slate, Meagher & Flom LLP represented Fortress in the transaction. The Raine Group served as exclusive financial advisor and Lauren Bellerjeau and Ken Siegel of Morrison Foerster served as legal counsel to SoftBank. Shearman & Sterling LLP served as legal advisor to Mubadala capital.

Mubadala Capital along with Fortress management completed the acquisition of 90.01% stake in Fortress Investment Group LLC from SoftBank Group Corp. (TSE:9984) on May 14, 2024. With the close of the transaction, Fortress management now owns a 32% equity interest in the company in a class of equity entitling Fortress management to appoint a majority of seats on the board. Fortress co-CEOs Drew McKnight and Josh Pack, Managing Partner Jack Neumark, and co-Chairman Pete Briger are the largest individual investors in the buy-out and were joined by approximately 150 members of the firm. A consortium led by Mubadala Capital now owns 68% of Fortress equity. Mubadala Capital?s CEO and Managing Director, Hani Barhoush, who has served on Fortress? board since 2019, continues to serve on the board.