Shunned by 12 Buyers, Japanese Golf Company Sells for $3.5 Billion

For more crisp and insightful business and economic news, subscribe to The Daily Upside newsletter. It's completely free and we guarantee you'll learn something new every day.

Japan's largest golf course owner never sank a putt during acquisition talks with six of the world's top private equity firms — three of them walked away immediately, and none put in a bid.

But on Wednesday Accordia Golf landed a hole in one: Fortress Investment Group — a fund backed by tech investment giant Softbank — spent $3.5 billion on its portfolio of courses, which sold for just $760 million five years ago. Does Fortress know something no one else does, or will it soon be begging for a mulligan?

Continue reading

Source Fool.com