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.
The Japanese government is planning to reduce penalties for those who plot serious crimes like terrorism but turn themselves in before actually committing them under a contentious anti-conspiracy bill it is preparing, sources close to the matter said Monday. (Kyodo)
Car-bicycle collisions accounted for about 40 pct of fatal traffic accidents in Japan last year in which passenger cars bumped into other vehicles as they encountered at intersections or other parts of the road, a National Police Agency survey has revealed. (Jiji)
Prime Minister Shinzo Abe on Monday sought to deny allegations that he is linked to an Osaka-based ultranationalist kindergarten as the public outcry over the operator and its alleged efforts to indoctrinate children with xenophobia and pre-war militarism grows. (Japan Times)
Manhole covers are trending high in Japan and for good reason -- they're stunning! Only in Japan are manholes to cover sewage designed so beautifully that they now make MANHOLE TRADING CARDS! (ONLY in JAPAN)