PIF-backed SoftBank to sell Fortress to Mubadala: Bloomberg

RIYADH: SoftBank Group, backed by Saudi Arabia’s Public Investment Fund, is nearing a deal to sell Fortress Investment Group to Mubadala Investment Co. in a $2 billion deal, Bloomberg reported citing people familiar with the matter. 

The Abu Dhabi sovereign fund could announce an agreement in the coming weeks, the people added. 

Spokespeople for SoftBank, Mubadala and Fortress declined to comment. 

In 2017, SoftBank acquired Fortress intending to use the New York-based firm’s expertise to aid in managing its Vision Fund.