Fortress Investment Group New York Takes Over Britain’s Morrisons Valued At $8.7 Billion
After years of resilience and expansion, many people thought that Fortress Investment Group had taken a low tone even stalled in its quest of acquiring new big and small businesses. Contrary to that view, the New York-based multi-business firm has acquired Morrisons at a high-level business discussion that has been going on for at least one year. According to a report published on Fortress Investment Group’s website on July 2, 2021, the acquisition, valued at a whopping $8.7 billion, gives Fortress Investment Group New York full receivership and dominion of the British supermarket chain.
Fortress Investment Group has engaged in a business acquisition spree for over 20 years of its operation. Started in 1998 by Wes Edens, the multi-million company owns businesses in transportation, healthcare, infrastructure, media, real estate, finance, and entertainment among others. In 2017, the firm announced that it had acquired Softbank Group. Thanks to this and other acquisitions, Fortress Investment Group is now considered one of the New York-based businesses with global reach. With regard to transportation and infrastructure, the group CEO Wes Edens announced mid this year that the company is doing the second phase of the first USA complete-passenger rail system that will connect two states of Nevada and California at the north and south respectively. This comes after the completion of the first phase of the rail system that connects Orlando and Miami, with reports that Wes will contemplate of connecting other Florida cities in the future.
Before accepting Fortress Investment’s offer, Morrisons had rejected another offer, which the company deemed low. Clayton Dubilier & Rice had offered Morrisons £5.52 billion, but the latter turned down the offer terming it too low. It is after Morrisons rejecting CD&R’s offer that Fortress Investment Group New York found a way to bring its bid on the table, which worked on FIG’s favor.
For More info: www.fortress.com/businesses/credit