SoftBank-Backed Fortress Pays $3.5bn for Accordia Golf: FT

SoftBank-backed investment group Fortress has laid a multibillion dollar bet on the role of golf and hotels in Japan’s post-Covid-19 recovery after sealing a deal that the biggest private equity firms shunned as too expensive, the Financial Times reported.

Fortress has bought Accordia Golf, Japan’s largest portfolio of golf courses that was initially assembled by Goldman Sachs in the early 2000s before being listed in 2014.

The group agreed to pay South Korean private equity firm MBK an enterprise value of 400 billion yen ($3.5 billion), which includes about 232 billion yen in debt, according to a person close to the deal.

Read the full report: Financial Times

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.