Japan’s SoftBank has closed the acquisition of American alternative asset manager Fortress Investment Group in a cash deal worth $3.3bn.

Fortress, which was set up in 1998, oversees assets on behalf of over 1,750 institutional clients and private investors. The firm reported $36.1bn in assets under management at the end of September 2017.

Under the terms of the deal, which was first announced in February 2017, each Fortress Class A shareholder received $8.08 per share.

Fortress will continue to operate independently within SoftBank and will remain based in New York. The business will continue to be headed by principals Pete Briger, Wes Edens and Randy Nardone.

SoftBank has also committed to maintaining Fortress’ business model, brand, personnel, as well as processes.

At the time of the deal’s announcement, SoftBank Group chairman and CEO Masayoshi Son said: “Fortress’s excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform.

“For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth.”