GateHouse investor acquired by Japanese company
Fortress, the largest investor of GateHouse Media, parent company of some 121 daily newspapers and more than 525 local affiliated websites as well as numerous weeklies across the U.S., entered into a definitive merger with Japanese-based SoftBank for some $3.3 billion.
The terms of the agreement were unanimously approved by a special committee of independent directors of Fortress’ board of directors and Fortress’ full board of directors.
“Fortress’ excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform,” said Masayoshi Son, chairman and CEO of SoftBank Group Corp.
Senior investment professionals, including Pete Briger, Wes Edens and Randy Nardone will remain in place through the merger, according to the statement. Fortress will operate within SoftBank as an independent business headquartered in New York while maintaining leadership, business model, brand, personnel, processes and culture.
“SoftBank is an extraordinary company that has thrived under the visionary leadership of Masayoshi Son,” said Peter Briger and Wes Edens, co-chairmen of Fortress in a statement. “We are very pleased to announce an agreement setting our business on a great path forward as part of SoftBank, while creating significant value for our shareholders.”
The transaction is subject to approval by Fortress shareholders, will need certain regulatory approvals and is expected to close in second half of 2017.