A nice payday.
Co-Chairmen Pete Briger and Wes Edens own stakes worth $510m and $511m, respectively, at the $8.08 per-share offer price announced Tuesday, based on ownership disclosed in the company’s most recent proxy statement. Chief Executive Officer Randy Nardone’s Class A shares were valued at $371 million.
The trio have agreed to remain in charge of the business and invest half of their after-tax proceeds from the sale in the company’s funds, according to a statement.
Fortress was founded in 1998 by Edens, Nardone and Robert Kauffman. Briger was hired from Goldman Sachs Group Inc. in 2002. The three founders became billionaires when the firm went public in 2007, but shares have slumped by almost two-thirds since the listing after the company faced volatile performance during the financial crisis and struggled to explain its value to public shareholders.
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