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The biggest securities firm in Japan, Nomura Holdings, NYSE:NMR) is getting bigger. The company recently snagged Instinet, which is an electronic exchange (yes, a pretty hot space).
Now, the company is going to shell out $888 million for a 15% stake in Fortress Investment Group, which is a mega player in hedge funds and private equity. Basically, it looks like Nomura is trying to build a powerhouse like Goldman Sachs.
In fact, Fortress is in the process of going public. Thus, the Nomura's investment provides a valuation benchmark on the upcoming deal (about $5.9 billion).
The deal is also strategic, allowing Fortress to move into the lucrative Asian markets. In other words, it could be a nice boost for the IPO.
Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfiles.com.
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