Fortress Investment Group on Tuesday said Michael Novograts, who ran the global macro hedge fund of the firm, is leaving at the end of 2015, and is buying back his shares.
Fortress will buy back 56.8 million class A shares from Novogratz at a price of $4.50 a share. The transaction will be financed with cash and a note issued to Novogratz and it will decrease its dividend-paying share count by almost 13%.
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