Sunday, 28 December 2014
Last updated 9 hours ago
Feb 14 2014 | 11:14am ET
Fortress Investment Group has repurchased Nomura Holdings' stake for $363.4 million.
The deal ends Nomura's seven years as an owner of the alternative investments giant, which went public in 2007, just three months after Nomura paid about $888 million for a 15% stake. At the time of yesterday's sale—at a 25% discount to Fortress' closing price on Wednesday—the Japanese bank owned 12% of Fortress.
Fortress went public in February 2007, just three months after selling the stake to Nomura.
Nomura will continue to provide investment-banking services to Fortress. The firm has distributed Fortress' products since the companies' initial deal.
"We are very pleased to announce a transaction that provides compelling benefits to both Fortress shareholders and to the corporate objectives of a valued business partner," Fortress co-founder Wesley Edens said.
Among those objectives is to come into compliance with new global banking regulations, which both limit banks' alternative investment activities and impose higher capital requirements. Nomura wrote down the value of most of its Fortress stake during the financial crisis.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.