SoftBank Group’s $3.3 billion acquisition of Fortress Investment Group is one step closer to being finalized after Fortress’ shareholders approved the deal.
The deal was initially announced in February, with SoftBank moving to acquire Fortress, the real estate investment giant.
Fortress is the parent company for New Residential Investment, which buys up mortgage servicing rights by the truckload.
At the end of last year, PHH announced that it planned to sell off its entire mortgage servicing rights portfolio in a massive deal with New Residential.
The company also bought up nearly all of CitiMortgage’s mortgage servicing rights in a deal earlier this year.
New Residential is also buying $117 billion in mortgage servicing rights from Ocwen Financial in a deal that also includes New Residential making an equity investment in Ocwen and becoming a 4.9% owner of the nonbank.
Fortress is also the majority shareholder in Nationstar Mortgage, soon to be known as Mr. Cooper.
According to the latest data from Nasdaq, Fortress owns nearly 70% of Nationstar. According to Fortress’ website, the company acquired Nationstar in 2006 and took the company public in 2012.
Now, it appears that SoftBank will own Fortress, and all that it owns.
According to details provided by Fortress, the deal is currently expected to close in the second half of this year, but remains subject to “certain regulatory approvals and other customary closing conditions.”
Upon completion of the deal, Fortress will continue to operate as an independent business within SoftBank, with Fortress’ current principals, Pete Briger, Wes Edens, and Randy Nardone, continuing their leadership of the company.