SoftBank Group to sell Fortress Investment

SoftBank Group has agreed to sell a controlling stake in Fortress Investment Group to a United Arab Emirates sovereign wealth fund.

The deal is seen as helping the Japanese telecom and investment giant improve its finances after profit slumped.

SoftBank announced Monday that Mubadala Investment of the UAE is acquiring the stake in its US-based subsidiary Fortress.

The sovereign wealth pool is expected to own 70 percent of the company, while Fortress executives will hold the remaining 30 percent. The purchase price was not disclosed.

SoftBank Group CEO Son Masayoshi expressed his intention to sell the US investment fund at a news conference in August last year. SoftBank bought Fortress in 2017 for 3.3 billion dollars.