Shearman & Sterling has advised Abu Dhabi's sovereign wealth fund Mubadala Investment on its acquisition of a majority stake in U.S. asset manager Fortress Investment Group from Japan's SoftBank Group, which turned to Morrison Foerster for counsel. Kirkland & Ellis represented Fortress.
Details of the deal have not been disclosed, but its value is estimated to be about $3 billion, according to Nikkei.
SoftBank, which acquired Fortress in 2017 for $3.3 billion, had been offloading assets to shore up its balance sheet as the value of its tech portfolio falters, Reuters reported.
The Shearman team included partners Clare O’Brien, Sean Skiffingston, John J. Cannon, Larry Crouch, Lorenz Haselberger, John Adams, Phil Baynes, Thomas Donegan, Jennifer D. Morton, Mark Chorazak, Michael Steinberg, Paula Howell Anderson, Jefferey J. Resetarits, and Tobia Croff.
The Kirkland team consisted of partners Daniel Lavon-Krein, Christopher Gandia, Carlo Zenkner, Mark Schwed, Florence Zhang, Christopher Urruela Stauss, Scott Price, Sally Ye, Jocelyn Hirsch, Thomas Dobleman, and Josh Korff.
Meanwhile, the MoFo team was led by partners Ken Siegel, Lauren Bellerjeau, and Patrick Barrett.