On the 27th of December 2017, Fortress Investment Group announced that SoftBank will be acquiring the multi-billion dollar company. The acquisition was completed for the amount of 3.3 billion dollars which was paid by the Japanese prominent business. As part of the terms of the purchase, SoftBank acquired all the shares of the company for 8.08 dollars each which was more than the 5.83 dollars per share that it had been trading on the stock market and the company was removed from the stock market. Contrary to everyone’s expectations, SoftBank agreed to let the company continue operating as it was, with the same headquarters in New York and under the same leadership of its co-principals. According to one of the principals and co-founders of Fortress, this sale was the best move into strengthening the company.
Randal Nardone is an established lawyer turned financial guru. He attended the University of Connecticut where he got his B.A in English and Biology. To further his academic stature, Randal enrolled in the Law School of the University of Boston where he got his J.D. for a few years after he graduated from Boston University, he worked in the law industry. he was a partner and a member of the executives’ committee at the Thacher Proffitt and Wood Law firm. He then made a turn into the field of finance.
Randal Nardone got his introduction to the field of finance while working at the Blackrock Financial Management firm where he was a principal. After this, he landed a role at UBS where he worked for only one year before leaving the company in May 1998. Upon his departure from UBS, Randal had made a connection with two savvy businessmen; Peter Briger and Wesley Edens with whom he embarked on a new venture. In 1998, three launched Fortress Investment Group.
Randal’s roles at Fortress
At Fortress, he has played the role of advisor when it comes to matters related to law. He also plays the role of co-founder, principal, and interim CEO. He is in charge of a number of investments in the company as well a member of the board.
Randal serves on the boards of Springleaf, Eurocastle and Sea castle among other companies.