The $3.3 billion acquisition by SoftBank Group Corp, the Japanese telecommunications, internet and solar energy giant, of Fortress Investment Group marks tycoon Masayoshi Son's latest step in building an investment empire.
Son said the deal, announced by both sides Wednesday, will immediately contribute to his strategy for growth and complement his SoftBank Vision Fund plan for investing in leading technologies including artificial intelligence and the "internet of Things," which links devices through the Internet.
"Fortress' excellent track record speaks for itself, and we look forward to benefiting from its leadership, broad-based expertise and world-class investment platform," Son said in a statement.
Tokyo-based SoftBank has been aggressive in global acquisitions and has been seeking partners for its private fund for technology investments that it says may grow to $100 billion. Son appears determined to deliver on his promise to President Donald Trump to invest $50 billion in U.S. startups and create 50,000 jobs.
In buying New York-based Fortress, he is betting more on Fortress's wide ranging expertise and heft in global investment than on gaining any edge in the technology sector: the U.S. investment house has largely focused on finance and real estate, leisure industries, transport and other infrastructure.
Private equity accounts for nearly two-thirds of the company's investments.
SoftBank's shares jumped 1.6 percent Wednesday in Tokyo trading. Shares in Fortress were up 6.5 percent late Tuesday.
Airbnb estimates that its services contributed 920 billion yen ($8.35 billion) to the Japanese economy in 2016, up 80% from the previous year, as foreign users took advantage of affordable lodging in big cities and rural areas. (Nikkei)
Princess Kako, a granddaughter of Emperor Akihito, will study at the University of Leeds in Britain from September this year to June next year as an exchange student, the Imperial Household Agency said Monday. (Japan Today)
Tokyo Metropolitan Police have arrested the former manager of an illicit parlor in Shinjuku who is suspected of instructing teenage girls to perform sex acts with customers, reports TBS News. (tokyoreporter.com)
The Japanese government has decided to start landfill work at the Henoko coastal area in the city of Nago, Okinawa Prefecture, on Tuesday for the relocation of the U.S. Marine Corps' Futenma air base, informed sources said Monday. (Jiji)
The Bank of Japan wants financial institutions to lend more money under its large-scale monetary-easing policy. But it's worried that some regional banks are too eager to offer real estate loans, especially for building rental housing. (NHK)
Two elderly women were hit and killed by a train at a station in Kanagawa Prefecture, south of Tokyo, with surveillance camera footage showing the two jumping on the tracks holding each other's hands, police said Monday. (Japan Today)
Rakuten Inc announced the official launch of "Rakuten Super English," a comprehensive English learning service utilizing technology to provide a practical English learning and a new style of studying. The launch of Rakuten Super English marks Rakuten's entry into the English education business. (Japan Today)