Fortress Investment Group and Mubadala Investment Co., through its wholly-owned asset management subsidiary Mubadala Capital, have agreed to acquire 90.01 percent of the equity of Fortress that is currently held by SoftBank Group Corp.

Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision-making, personnel and operations. After the deal closes, Fortress management is expected to own a 30 percent equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board. Mubadala Capital, which currently holds a 9.99 percent stake in Fortress, will own 70 percent of Fortress equity.

Ardea Partners served as financial advisors and Shearman & Sterling served as legal counsel to Mubadala. Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis served as legal counsel to Fortress senior management in the transaction. Skadden, Arps, Slate, Meagher & Flom LLP represented Fortress in the transaction. The Raine Group served as financial advisor and Morrison Foerster served as legal counsel to SoftBank.