(AP Photo/Eugene Hoshiko, File

SoftBank Group of Japan has agreed to acquire Fortress Investment Group (NYSE: FIG), a New York-based alternative asset manager with around $70 billion in AUM, for $3.3 billion. The $8.08 per share price represents a 39% premium over Monday's closing price. Fortress (the first private equity firm to go public, back in 2007) will continue to operate independently, and with the same management team.

• Why it's the BFD: SoftBank already was a major player in the tech investment market before launching its $100 billion Vision Fund (which isn't being used for this deal), but this suggests that it has far greater alternative asset ambitions. In short, it wants to challenge giants like The Blackstone Group ― both in terms of deals and global fundraising ― given that Fortress has substantial real estate and credit activities in addition to private equity.

• Bottom line: "[Masayoshi] Son sees the private-equity business promising in and of itself, with the potential for strong returns on the $3.3 billion price tag. In addition, Son thinks that Fortress, led by principals Pete Briger, Wes Edens and Nardone, can become a sort of brain trust for SoftBank, helping to track down and analyze investment opportunities around the world." -- Bloomberg

Go deeper

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

Photo: Ron Jenkins/Getty Images

The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.

2 hours ago - Politics & Policy

Election night in Trumpworld

Photo illustration: Aïda Amer/Axios. Photo: Chris Carlson-Pool/Getty Images

A luxe election-night watch party at the Trump International Hotel on Pennsylvania Avenue is being planned for President Trump's donors, friends and advisers — but Trump's hand in it is minimal because he's "very superstitious" — people familiar with the plans tell Axios.

The big picture: This "mecca for all things MAGA," as one adviser described it, is one of three hubs where they say Trumpworld will watch returns. The others are the war room at campaign HQ in Rosslyn, Virginia, and the White House residence, where Trump and the first lady will gather close family and advisers before heading to the hotel later that night, the sources said.