SoftBank Sells Fortress Stake to Mubadala, Management Team (1)

Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Fortress Investment Group agreed to buy 90% of the equity held by Japanese conglomerate SoftBank Group Corp. in the US 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 saidon Monday.

Fortress will continue to operate as an independent investment manager after the deal closes. Drew McKnight and Joshua Pack will become co-chief executive officers and Pete Briger will be named ...