Accordia Golf, which operates around 170 golf courses in Japan, is being acquired by SoftBank’s Fortress Investment Group in a $3.5 billion deal, three months after initial reports that owner MBK Partners was looking to sell.
The SoftBank-affiliated investment fund owns hotels in Japan and intends to raise its corporate value by funneling some of those customers to the country’s biggest golf course chain.
- Accordia is expected to purchase additional driving ranges and golf courses after deal-close. The company already accounts for 12% of Japan’s golf market.
- Fortress is expected to go through an initial public offering or sell equity in the coming years to “recoup its investment.”
SoftBank acquired Fortress in 2017 for $3.3 billion, but reports earlier this month suggested SoftBank may now be interested in selling the group. Softbank’s second-quarter earnings report last week saw net assets fall $54 billion to roughly $184 billion.
As of June 30, Fortress had $53.9 billion in assets under management. KKR, Blackstone, Kakao, and Naver Line have been listed as potential buyers.
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