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Fortress Executives to Cash in $1.39bn from SoftBank Sale

(Bloomberg) The three leaders of Fortress Investment Group LLC will reap a combined $1.39 billion from the sale of the alternative-asset manager to SoftBank Group Corp. Co-Chairmen Pete Briger and Wes Edens own stakes worth $510 million and $511 million, respectively, at the $8.08 per-share offer price announced Tuesday, based on ownership disclosed in the company’s most recent proxy statement. Chief Executive Officer Randy Nardone’s Class A shares were valued at $371 million.

The trio have agreed to remain in charge of the business and invest half of their after-tax proceeds from the sale in the company’s funds, according to a statement.

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