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Mubadala in talks to buy asset manager Fortress from SoftBank

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SoftBank acquired Fortress in 2017 for $3.3 billion

Abu Dhabi’s Mubadala Investment Co is in talks to acquire asset manager Fortress Investment Group from Japan’s SoftBank Group Corp, a source familiar with the matter told Reuters on Tuesday.

The Abu Dhabi sovereign wealth fund is discussing a deal that would value Fortress at more than $1 billion, said Bloomberg News, which first reported the talks.

SoftBank acquired Fortress in 2017 for $3.3 billion.

Mubadala declined to comment, while Fortress and SoftBank Group did not immediately respond to Reuters requests for comment.

Founded in 1998, Fortress had $53 billion in assets under management as of March 31, on behalf of more than 1,900 institutional clients and private investors, according to the company website.