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Fortress Exits Decade in Public Spotlight With SoftBank Deal

  • Firm was first private equity, hedge fund manager to go public
  • Slumping stock, hedge fund losses dogged Fortress since crisis
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Why Softbank Buying Fortress Investment Is a Big Deal

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The first private equity firm to go public has become the first to be bought.

Ten years after Fortress Investment Group LLC listed on the New York Stock Exchange, Japan’s SoftBank Group Corp. has agreed to buy the alternative-asset manager for $3.3 billion, according to a statement Tuesday. The sale caps a decade of public scrutiny for the New-York based firm as it weathered a sliding stock price and volatile performance.