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Mubadala to buy majority stake in US asset manager 

By Pramod Kumar
Mubadala
The green bond offers a yield of 6.03 percent and coupon at 5.875 percent

Abu Dhabi’s Mubadala Investment Company’s subsidiary will acquire a majority stake in US asset manager Fortress Investment Group.

Mubadala Capital will acquire 90.01 percent of the equity of Fortress, which is currently held by SoftBank Group Corporation.

The deal’s financial terms were not disclosed, Mubadala and Fortress Investment said in a joint statement.

Following the deal’s completion, Fortress management is likely to own a 30 percent equity interest in the company along with 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 through its private equity funds II and III, will own 70 percent of Fortress equity.

Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the statement noted.

Mubadala Capital’s CEO and managing director, Hani Barhoush, who has served on Fortress’ board since 2019, will hold his position.

Under the new joint ownership, Fortress will focus on developing credit and real estate across public and private markets, where it currently manages $46 billion of assets on behalf of more than 1,900 institutional investors and private clients.

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