SoftBank Group Corp. is buying alternative-asset manager Fortress Investment Group LLC (NYSE: FIG) for $3.3 billion in cash to operate alongside the Japanese company’s soon-to-be-established technology investment fund.  Financial services M&A is expected to pick up, as the federal government seeks to dismantle post-recession rules that prevented banks from participating in some activities.

Japan’s SoftBank will pay $8.08 a share for New York-based Fortress, a 39 percent premium to the company’s Feb. 13 closing price, according to a statement. Fortress principals Pete Briger, Wes Edens and Randy Nardone have agreed to continue leading the business, which will remain based in New York and operate independently within SoftBank, according to the statement.

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