Unless you’ve been living under a rock as far as the business community is concerned, you’re aware that the Fortress investment group was acquired by a Japenese Telecom entity called Softbank. Randal Nardone is co-founder of Fortress so many people are concerned with his opinion on the matter. In 2018 we got to see it. Let’s take a look at Randal Nardone first though so we can better understand what qualifies him to run a company like Fortress in the first place.
Randal Nardone started off as a young adult in Connecticut working on dual undergraduate degrees in Biology and English. After his dual degree stint at UC, he attended the Boston University School of Law. He began law career at Thacher Proffitt & Wood and eventually became a partner of this firm. He eventually slid over into the finance realm with Blackrock Financial Management (as a principle.) After this, he was the managing director for UBS AG starting in 1997. As you can probably tell, running a successful asset management firm isn’t a far fetched idea for this guy’s journey so far. A journey that ends with him co-running the show from Fortress’ offices in New York City.
So how does Randal Nardone feel about the Softbank acquisition? Very positively it seems. Randal was not only optimistic about the overall deal, but the impact that it would have on growing his company. He feels that a Fortress under Softbank might be able to better leverage itself with a new host of credit offerings. Such a prospect is exciting indeed.
Fortress, in general, feels positive about the acquisition; after all, they were acquired at a premium. Shares trading under $6 were purchased by Softbank for $8.08. This shows a lot of good faith on Softbank’s end that the Fortress group will continue to grow prosper, just as Randal Nardone has suggested during his interviews. Randal’s Fortress group is now just a hair under $70 billion in assets after this acquisition has taken place. The effect does seem to be a positive one that will continue. That’s what Randal, and the rest of Fortress, have been hoping for.
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