SoftBank Group to Sell U.S. Investment Unit

New York, May 22 (Jiji Press)--Japan's SoftBank Group Corp. will sell U.S. unit Fortress Investment Group LLC to Abu Dhabi's state-owned Mubadala Investment Co., Fortress and Mubadala said Monday.

Mubadala will acquire some 90 pct of the equity of Fortress that is currently held by SoftBank through a subsidiary. After the transaction, 30 pct of Fortress will likely be owned by the U.S. company's management team and the remaining 70 pct by Mubadala.

Conditions for the transaction, which will require approval by authorities, have not been disclosed.

In 2017, SoftBank bought Fortress for 3.3 billion dollars.

The Japanese firm has recently been promoting sales of subsidiaries in a bid to improve its financial base, after suffering losses from investments in various companies.

[Copyright The Jiji Press, Ltd.]