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MoFo Advises SoftBank in Sale of Fortress Investment Group

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Morrison Foerster advised SoftBank Group Corp. ("SoftBank") in connection with its agreement to sell its 90.01% equity in Fortress Investment Group ("Fortress") to Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital ("Mubadala Capital"). 

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Morrison Foerster advised SoftBank Group Corp. ("SoftBank") in connection with its agreement to sell its 90.01% equity in Fortress Investment Group ("Fortress") to Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital ("Mubadala Capital"). The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.The MoFo deal team advising SoftBank was led by Tokyo office managing partner Ken Siegel and Austin corporate partner Lauren Bellerjeau, together with London corporate partner Patrick Barrett, Boston corporate associate Leo Martin, and London corporate associate Hanna Pak.

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Ken Siegel is the managing partner of Morrison Foerster’s Tokyo office and the head of the office’s 50-attorney M&A team. Ken’s practice focuses on the representation of high-technology companies in acquisitions, joint ventures, and strategic alliances.Ken has been consistently ranked as one of the leading U.S. attorneys in Japan. Among other things, he is the only attorney rated as a “Star Individual” for M&A in Japan (the level above Band 1) by Chambers Global, having been ranked at this level for 13 consecutive years (2011–2024 editions), and having been ranked in Band 1 for the prior decade. According to Chambers Asia-Pacific, Ken is “commercial and pragmatic, an incredible M&A attorney” who “deserves tremendous credit for his M&A practice” and has “outstanding acumen, experience and leadership.”Ken has appeared on CNBC and PBS’s Nightly Business Report in their coverage of Japanese legal developments, as well as on the cover of The American Lawyer in its survey of global law firms. Ken was also recognized by The American Lawyer as “Dealmaker of the Week” for his work on Hitachi’s $5 billion sale of its hard disk-drive business to Western Digital as well as for his work on SoftBank’s $21.6 billion acquisition of Sprint, a transaction that was named the Global M&A Deal of the Year by The American Lawyer. In 2014, he was recognized by Chambers Asia-Pacific for outstanding contribution to the legal profession, one of only two attorneys to receive such an award in Asia.Ken received his B.A. magna cum laude from Amherst College in 1981. He studied Japanese language at Stanford University’s Inter-University Center for Japanese Language in Tokyo and at the Johns Hopkins University’s School of Advanced International Studies (SAIS), receiving a graduate degree in International Affairs in 1983. He received his J.D. degree in 1986 from the University of Chicago Law School.<h4>Select Rankings</h4>Ken’s recent notable awards include:<ul><li>Most Innovative Legal Practitioner in Asia-Pacific (Financial Times Innovative Lawyers Award 2022)</li></ul><ul dir="ltr"><li>Star Individual for Japan: Corporate/M&A (Chambers Global 2024)</li><li dir="ltr">Star Individual for Japan: Corporate/M&A (Chambers Asia-Pacific 2024)</li><li>Hall of Fame for Japan: Corporate and M&A (The Legal 500 Asia Pacific 2024)</li><li>Market Leader for Japan: M&A (IFLR1000 2024)</li><li>Corporate, M&A Law, Private Equity, Private Funds and Venture Capital Law [The Best Lawyers in Japan (Recognized since 2009)]</li><li>Foreign Lawyer of the Year (Asian Legal Business (ALB) Japan Law Awards 2018)</li><li>Tokyo Managing Partner of the Year (Asian Legal Business (ALB) Japan Law Awards 2017)</li></ul>

Kenneth A. Siegel

Partner

Lauren Bellerjeau is a corporate partner in the Austin office of Morrison Foerster.Lauren has served as a trusted advisor to boards of directors and executive management teams in the negotiation of their companies’ most significant combination, commercial and corporate governance transactions. Her extensive private practice experience includes representing both buy-side and sell-side clients on complex and transformative U.S. and cross-border combination and commercial transactions in a variety of industries, with a particular focus on technology, real estate investment trusts, government contracting and defense, life sciences, and manufacturing. She has also regularly counseled REITs and other companies with significant real estate holdings or real estate management businesses on complex restructuring and roll-up transactions, particularly in contemplation of initial public offerings, large equity investments, or strategic transactions.Lauren also has valuable in-house experience, having recently served as Senior Vice President, Assistant General Counsel and Chief Privacy Officer at onsemi, a leader in intelligent power and sensing technologies recognized as a Fortune 500® company and included in the S&P 500® index.While at Morrison Foerster, Lauren has been recognized by leading legal publications and directories, including The Legal 500 US for Real Estate Investment Trusts and M&A: Large Deals ($1bn+), as an Emerging M&A Leader – Legal by M&A Advisor and as a Rising Star – M&A by Law360.<h4>Representative Experience</h4><ul><li>Represented ON Semiconductor in its $2.4 billion acquisition of Fairchild Semiconductor.</li><li>Represented ON Semiconductor in its $1.07 billion all-cash acquisition of Silicon Valley-based public company Quantenna Communications Inc. (NAS: QTNA).</li><li>Represented Uber Technologies, Inc. with respect to its $3.1 billion acquisition of Careem, Inc.</li><li>Represented SoftBank Group, in the $8.6 billion sale of its controlling stake in Finnish gaming company Supercell Oy to Chinese Internet company Tencent Holdings Ltd. </li><li>Represented SoftBank Group in connection with other merger and investment transactions in the technology industry, including with respect to its investment in OneWeb.</li><li>Represented Softbank Group in its sale of 90.1% equity in Fortress Investment Group to Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital.</li><li>Represented EdR (NYSE: EDR), one of the nation’s largest developers, owners, and managers of high-quality collegiate housing communities, in its US$4.6 billion all-cash sale to a newly formed perpetual life vehicle led by an affiliate of Greystar Real Estate Partners.</li><li>Represented MedEquities Realty Trust, Inc. in its merger with Omega Healthcare Investors, Inc. for an approximate value of $600 million.</li><li>Represented the independent directors of American Realty Capital HospitalityTrust, Inc. (ARC Hospitality) in connection with its definitive agreement with an affiliate of Brookfield Strategic Real Estate Partners II, pursuant to which Brookfield has provided an investment commitment of up to $400 million in the form of convertible preferred limited partnership units of the company’s operating partnership, American Realty Capital Hospitality Operating Partnership, L.P., on a delayed draw basis.</li><li>Represented Farmland Partners, Inc., a real estate investment trust with a portfolio comprised of 271 farms, in its acquisition of all outstanding common stock of American Farmland Company.</li><li>Represented Jernigan Capital, Inc. in its co-investment agreement with an affiliate of Heitman Capital Management, LLC, pursuant to which such co-investor has committed $75 million to the previously announced joint venture between the Company and the Heitman affiliate.</li><li>Represented General Electric Capital Corp. in its $23 billion divestiture of its commercial real estate business to affiliates of The Blackstone Group and Wells Fargo, N.A.</li><li>Represented Bank of America Merrill Lynch, Morgan Stanley, Wells Fargo Securities, and Deutsche Bank Securities in the $2.3 billion IPO of Paramount Group, Inc.</li><li>Represented Equity Residential in its $16 billion acquisition of Archstone Enterprise LP from Lehman Brothers Holding, Inc.</li><li>Represented Playa Hotels & Resorts, B.V. in a series of real estate property and management related transactions.</li><li>Represented Eola Capital in its $462 million sales of its property management business and six office properties to Parkway Properties, Inc. and Parkway Properties Office Fund II, LP.</li><li>Represented a private real estate company in its restructuring transactions prior to a private equity investment and refinanced credit facility and in contemplation of a future initial public offering.</li><li>Represented GE Healthcare in its acquisition of Thermo Fisher’s cell culture, gene modulation, and magnetic beads businesses for approximately $1.06 billion.</li><li>Represented Avanade, Inc., a joint venture between Microsoft Corporation and Accenture plc, in its acquisition of the U.S. CRM business of Ascentium Corporation.</li><li>Represented Lockheed Martin Corporation in several acquisitions of private companies in the government contracting industry, including the acquisition of CDL Systems Ltd., Gyrocam Systems, LLC, Universal System & Technology Inc., and QTC Holdings, Inc.; and the divestiture of Lockheed Martin Corporation’s Enterprise Integration Group business.</li><li>Represented PPG Industries, Inc. in connection with several acquisitions of private companies.</li><li>Represented Helsinn Healthcare S.A., a Swiss-based pharmaceutical company, and its U.S. based subsidiary Helsinn Therapeutics (U.S.) Inc., in connection with a development and co-promotion arrangement with Eisai Inc. for the commercialization of combination drug products in the U.S.</li><li>Represented MGI Pharma, Inc. in its acquisition through a $4 billion cash tender offer by Eisai Co., Ltd.</li><li>Represented Black & Decker Corporation in its stock-for-stock merger with Stanley Works.</li></ul>

Lauren Bellerjeau

Leo Martin is a corporate partner in the Transactions Department and the Mergers + Acquisitions Group, based in the firm’s Boston office.His practice focuses on advising public and private companies in complex corporate transactions, including domestic and cross-border M&A, carve-out transactions, venture investments, and joint ventures. He regularly represents private equity sponsors and clients in a range of industries, including technology, food + agriculture, financial services, manufacturing, and consumer products.Leo earned his J.D. from Fordham University School of Law and his B.A. from Columbia College at Columbia University. Prior to joining the firm’s Boston office, Leo spent a number of years in Morrison Foerster’s Tokyo office, where he worked on a variety of cross-border M&A transactions.

Leo Martin

Mergers + Acquisitions