The transaction, subject to approval by Fortress shareholders, regulatory approvals and other customary closing conditions, is expected to close in the second half of 2017.
Fortress Principals Pete Briger, Wes Edens and Randy Nardone will continue to lead Fortress, and have committed to invest 50% of their after-tax proceeds from the transaction in Fortress-managed funds and vehicles, and in equity securities of SoftBank and SoftBank-managed funds and vehicles.
The firm will operate within SoftBank as an independent business headquartered in New York.
Founded in 1998, Fortress Investment Group is a diversified global investment firm with 1,100 employees and $70.1 billion in assets under management as of September 30, 2016. Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of private equity, credit, real estate and traditional asset management strategies.