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Mubadala Investments is nearing a deal to buy Fortress Investment Group from SoftBank Group Corp. in a deal that could value the U.S. asset manager at more than $2 billion, people familiar with the matter said.
The $284 billion Abu Dhabi sovereign fund could announce a deal in the coming weeks, the people said, asking not to be named because the information is private. Rajeev Misra, a key deputy to SoftBank founder Masayoshi Son who has close ties to the Gulf emirate, played a key role in brokering the deal, the people said.
Mr Misra was a partner at Fortress before joining SoftBank and his knowledge of the business helped Mubadala continue negotiations, one of the people said. Bloomberg News first reported that the two sides held talks in July.
No final decision has been made, and talks could still fall apart. Spokespeople for SoftBank, Mubadala and Fortress declined to comment, while a representative for Misra had no immediate comment.
Mubadala has long been a rival of SoftBank. In 2017, the fund became one of the lead investors in the firm’s first Vision Fund, and Misra was instrumental in helping set it up.
Mr. Misra, who joined SoftBank in 2014, recently stepped down from his key role at SoftBank and secured more than $6 billion to launch his own fund. According to Bloomberg, the Abu Dhabi-based entity has poured money into the new venture.
SoftBank, which acquired Fortress in 2017, intends to use the New York-based firm’s expertise to help manage its sprawling Vision Fund. The company, led by co-CEOs Pete Briger and Wesley Edens, had $53.3 billion under management as of Dec. 31.
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