Japan’s SoftBank has announced it will acquire investment firm Fortress Investment Group for $3.3bn.

Under the terms of the deal, SoftBank will pay $8.08 per class A share for Fortress, representing a premium of 38.6 per cent to the stock’s closing price on Monday, according to an announcement made after the markets closed in New York on Tuesday.

The deal, which Fortress said it expects to close in the second half of 2017, has been unanimously approved by Fortress’s board of directors, but is subject to shareholder and regulatory approval.

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