SoftBank Group is close to a deal to sell U.S. investment manager Fortress Investment Group to Abu Dhabi-based sovereign-wealth fund Mubadala Investment for more than $2 billion, according to people familiar with the matter.
The deal, which hasn’t been finalized and could yet fall apart, would represent the latest disappointing investment for SoftBank. The decline in value for Fortress, which manages $46 billion, indicates it has fallen behind its rivals while it was owned by SoftBank. Bloomberg News earlier reported the deal talks and the Financial Times reported that a transaction may be close.
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