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 Group-affiliated investment fund owns hotels in Japan and intends to raise its corporate value by sharing customers with the country’s biggest golf course chain.
The pair are ready to capitalize on Japan’s growing golf industry. The Golf Digest Online course reservation site saw a record 12% increase in bookings last year.
Accordia is expected to purchase additional driving ranges and golf courses after deal-close. The company already accounts for 12% of the country’s 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 Investment Group in 2017 for $3.3 billion, but reports earlier this month suggested…
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