Contact +01 2345 6789 |

TB Buzz


Randal Nardone- The Key Principal In The Success Of Fortress Investment Group

Randal Nardone studied at Connecticut University and graduated with a Bachelors of Arts in English and Biology. He proceeded with his studies and attained a Juris Doctor from Boston University. Nardone got his first job at Thacher Proffit & Wood and specialized in financial issues. He started developing some interest in asset management, which grew to the point that he decided to venture in entrepreneurship. In 1998, Randal partnered with Wes Edens, who was his colleague in the financial field and founded Fortress Investment Group. Randal Nardone became the principal but was later appointed the CEO of the firm due to his tremendous achievements. He gained vast wealth that featured him in the Forbes Billionaire List at position 557. He works in the Fortress offices based in New York.

Following the success of Fortress, SoftBank was impressed and decided to buy it. On 27th Dec 2017, SoftBank Group Corp. officially announced that they were going to acquire Fortress Investment Group. The deal was eventually closed, and ownership of the entire remaining shares given to SoftBank at $3.3 billion cash. This move came as a surprise, but to Fortress, it was an incredible achievement as they were now able to privatize which had been their goal for quite a long time. Besides, Fortress Investment Group was well managed and developed to gain more partners in Asia. Unlike what most people expected, the move will barely interfere with Fortress operations. SoftBank will take over the control of most of Fortress Investment Group Assets. Randal Nardone affirmed that this move would strengthen his company as it will help it to expand since they have better access to credit sources.

Before the acquisition of Fortress by SoftBank, Fortress shares were at 5.83 USD each. However, SoftBank bought them at 8.08 USD each. According to Randal Nardone, this was an excellent deal for Fortress Investment Group Investors. He also noted that the executives of the company would split the 1.39 billion US Dollars, the amount made after SoftBank deal regarding the shares that each one of them had. FIG is estimated to have 70 billion USD Asset worth. All credit goes to Randal Nardone for his outstanding leadership and management skills.

You must be logged in to post a comment.