Since the inception of Fortress Investment Group, Randal Nardone has always become a part of the mentioned firm. In fact, he was one of the founders way back in 1998. He was a member of the Board of Directors of the company from November 2006 and worked as the Chief Executive Officer (CEO), Director, and Principal of the firm. He has also established other divisions of the company, including Fortress Investment Fund IV and Fortress Investment Fund V. His deep connection with the firm makes some people wonder how he feels about the sale of the Fortress Investment Group. Quite recently, the purchase was made by Softbank Group, a Japanese company. Randal Nardone has expressed his delight concerning the sale.
According to him, he believes that it was the correct step the company had to take especially after the slowing down of private equity investments. The purchase will result in an exposure to a new environment, which has plenty of benefits not only for the company but also the investors, clients, and the staff. One of the most significant advantages is that the purchase will enable investments that will bring profits and massive returns. Randal Nardone has noted that the sale of the Fortress private equity business was a precautionary measure. During that time, there were several things on the market that were up for sale, but there were only a few that were worth buying. The deal gave Randal Nardone and the other leaders of the company a $3.3 billion deal as a result of the Softbank purchase.
It was indeed a grand plan that will provide fresh strategies for the business and will provide numerous benefits to the clients, particularly the investors. Softbank chose to purchase Fortress Investment Group because of its excellent track record. The Japanese company aims to maintain the history and the profile of the company. Accomplishing the goal is much easier because Softbank will retain the leadership of the firm. Therefore, the frontrunners and the heads of the company will stay the same to make sure it will continue to spread its expertise around the world. Randal Nardone has observed that it is great to be optimistic in the industry he belongs to, especially now even though it is a tough time. Softbank has agreed to pay more than $8 per share, which was initially less than $6 during its first offer. Fortress was valued at $4 per share, which means that the company and its leaders received double the value.