Fortress exits decade in public spotlight with SoftBank buyout

New York

THE first private equity firm to go public has become the first to be bought.

Ten years after Fortress Investment Group LLC listed on the New York Stock Exchange, Japan's SoftBank Group Corp has agreed to buy the alternative-asset manager for US$3.3 billion, according to a statement on Tuesday. The sale caps a decade of public scrutiny for the New-York based firm as it weathered a sliding stock price and volatile performance.