Softbank Acquisition Won’t Change New Fortress Gas Plan
July 19, 2017
Jake Suski, managing director of New Fortress Energy (NFE), says the impending acquisition of affiliate company Fortress Investment Group LLC by Softbank Group is unlikely to affect its regional gas supply programme.
Fortress shareholders voted in favour of the Softbank acquisition last week. The deal is valued at US$3.3 billion.
"The news is a great development for Fortress and Softbank, but it doesn't impact the ownership or management of New Fortress Energy in any way," Suski told Gleaner Business via email.
"We are very excited about the future for NFE in Jamaica and continue to be fully engaged in our efforts to bring more clean, affordable and reliable energy to Jamaica and the region," Suski said.
The acquisition, valued at US$3.3 billion, is subject to regulatory approval, but is expected to close in the second half of 2017, after which Fortress will operate as an independent business within Softbank.
New Fortress Energy is managed by an affiliate of Fortress Investment, which has some US$72 billion in assets under management.
New Fortress is also going after liquefied natural gas contracts to supply the power distributor in the Bahamas. The new government is said to be reviewing a proposal to build a power generation plant and sell energy to Bahamas Power and Light Company...