If you have been keen enough to observe the market shift, companies are buying out or acquiring other companies in the same line of business. Of course, there are many benefits attached to it including diversification of risk, market penetration, an effective expansion strategy among many others. The fundamental explanation is to grow and expand the business. Naturally, the parties involved bring their concerns to the negotiating table from whence they establish the way forward. Randal Nardone just recently spearheaded such a move.
SoftBank, a technologically based institution has had lone expressions of interest to work with the Fortress Investment Group. Well, I know this comes as a surprise since the latter is in communication and tech business. However, the two companies tangle in the areas of branching out and establishing themselves all over again. SoftBank just closed a purchase deal to acquire Fortress at a cost of US$ 3.3 billion. The Fortress shareholders unanimously voted for this pact in July 2017 but the news only went public in December 2017.
This move will see this multinational company expand into delivery of financial services. SoftBank is an umbrella for other small companies in various sectors from tech services, the fondly known product to e-commerce and internet provision. Over and above this, it has always worked hard to become the largest investment company globally and Fortress Investment Group’s acquisition is a major step towards achieving that. Randal Nardone who is the CEO is excited about this project and prospects a good future and so is SoftBank Founder Masayoshi Son. Read more about Randal Nardone at Crunchbase.
About Randal Nardone
Randal Nardone is an alumnus of the University of Connecticut where he did his Bachelors in Arts – English, and Biology. He later enrolled for a law program at the Boston University School of Law where he graduated with honors. He has worked with a number of financial instructions managing private equity, capitalization and financing functions. Just to prove his performance most of the companies he has worked for at the moment have gone public. Today, he is a Principal and Co-founder at Fortress Investment Group. Randal Nardone holds advisor positions at Brookdale Senior Living New Residential Investment Corp., Springleaf Holdings and Gagfah.