Mubadala Investment in talks to acquire Fortress Investment from SoftBank

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• Mubadala Investment, the sovereign wealth fund of the government of Abu Dhabi, has entered talks to acquire asset manager Fortress Investment Group from Softbank Group (OTCPK:SFTBY) (OTCPK:SOBKY) (OTCPK:SFTBF), Bloomberg reported Tuesday, citing people with knowledge of the matter.
• The wealth fund is negotiating a transaction that would value Fortress at more than $1B, one of the people said. Although the talks area at an advanced phase, there's no guaranty that the two firms will reach an agreement as other potential buyers could come forward, Bloomberg said.
• Fortress has ~$53.0B of assets under management as of March 31, 2022 and has about 872 employees, according to its website.
• SoftBank (OTCPK:SFTBY) acquired Fortress in 2017 for ~$3.3B, but the U.S. Committee on Foreign Investment required that Fortress be operated independently of SoftBank (OTCPK:SFTBY).
• Earlier this month, SoftBank (OTCPK:SFTBY) said its head of its Vision Fund, Rajiv Misra, will step down as the head of Vision Fund 2.

Comments

[CabalFollower]

Per Bloomberg Rajeev Misra new $6B Fund -Mubadala Inv Co is days away from buying Fortress back from Softbank $1B. Fortress Principals sit on Billions & $100Ms in Mgt Fees at Novation $NOVC X MREIT hidden Rights that control Billions collateral assets 600 Bpts WAC

8/4/22 Novation Companies Inc. $NOVC Board of Directors Barry Igdaloff & Howard Amster (co investors with Note Holders Fortress parent Softbank/EJF Capital aka White Mountains Capital $WTM) have orchestrated an SEC compliance issue preventing a bid/ask allowing only HF/Expert Investors to trade $NOVC. This has temporarily stopped trading until the SEC compliance issue is resolved. This is continued FUD Fear, Uncertainty and disinformation to suppress $NOVC share price until Peter Briger, Wesley Edens and Principals once again hold Fortress’ balance sheet and deals. They (NOVC Board and Fortress/EJF) have used FUD to allocate 47M over 70% of their $NOVC Common Holdings to themselves at less then one penny. Board handed Note Holders hidden by CDOs 31.3M shares at zero than took 16M RSUs at pennies for themselves see www.globenewswire.com/...

At same time Abu Dhabi's Investment Arm: Mubadala Inv Co MIC Rajeev Misra is close to buying out Fortress. Rajeev Misra formerly worked at Fortress before becoming CEO of Softbank’s Vision Fund. Surely, Rajeev Misra arranged Softbank's $3.3B cash buyout of Fortress 2017. Bloomberg reports they are close to once again holding Fortress balance sheet including their 31.3M shares of NOVC Common with EJF Capital. It is my opinion until Peter Briger, Wesley Edens Co-CEO/COBs of Fortress and their man Rajeev Misra hold Fortress' balance sheet again they will not move on their 91M Novation Companies Inc. $NOVC 80% of all common shares outstanding. The Sr Debt they also own is ruse on minority shareholders & Mr. Market. Many experts have confirmed what I have been suggesting "Wesley Edens, Manny Friedman/Neal Wilson, Co-CEOs at EJF Capital and their co investors from Dynex Capital $DX running $NOVC Board will NOT WASTE $730M NOLs or the CCR rights that control the future use of Billions of collateral assets (seasoned with Weighted Average Coupons of 600 Bpts). Earnings are due no later 8.15th 3 weeks.
Based on detailed analysis of their very successful past restructurings I feel they will split $NOVC into two tax free public companies by spin out NOVC former tax exempt MREIT $NFI (change the name like $NRZ just changed name again to Rithm Capital $RITM).
NOVC 2nd co www.healthcare-staffing.com HCS will operate $730M NOLs. NOVC SEC filings have emphasized how important these NOLs are to NOVC future yet for half decade NOVC Board has disclosed not one idea to monetize these NOLs.

If Wesley Edens, Peter Briger & Rajeev Misra with Mubadala Investment Co MIC buy Fortress back $1B you really need to add in Fortress lucrative mgt fees that have been terminated freeing Fortress up to manage $NOVC relaunched MREIT formerly NYSE $NFI. Termination Fees of $400M Termination Fee will be handed to Softbank resulting in true deal of 1.4B. $NOVC sits on CCR cleanup call rights that control the future use of billions of collateral assets seasoned and rich 600 Bpts WAC ideal for tax exempt MREIT. Fortress, EJF Capital are world class MREIT CCR investors (defined in Service Rights Transfer Agreement Section 5.04 see Exhibit 2.1 of 10Q FILED AT SEC by NOVC Board 2007 Q3). They have very successfully restructured MREIT like Dynex Capital NYSE $DX, Newcastle $NCT now Drive Shack $DS that spun out 3 tax exempt MREITs including $NRZ, $SNR and $NEWM now $GCI

I believe NOVC Board and NOVC common investors MassMutual and sub Barings aka Babson Capital that own at least 40M & 19.3M NOVC Shares respectively have an understand a Quid Pro Quo with Fortress and EJF Capital. It is why they have provided their tacit consent to take 47M NOVC common shares at pennies 71% of their position. Mass Mutual and Barings have at least $71M cash invested into Novation Companies Inc. $NOVC with Jefferies $JEF formerly $LUK see NOVC 8K 7/16/2007. Bloomberg needs to edit their story and re-state the purchase price between MIC and Softbank $1B adding the $400M Termination Fee Fortress is also handing Softbank. They also need to focus on Novation Co $NOVC Billion Dollar deal and $100Ms every year in Mgt Fees/Dividends.

[Another Mountain's Rock Investing]

@CabalFollower what?

[Another Mountain's Rock Investing]

Fun fact: Fortress owns one of the worlds largest portfolios of golf courses. Either Abu Dhabi wants ownership of courses for LIV, or Softbank thinks golf is not going to return as water scarcity and popularity issues emerge worldwide.