Fortress says Novogratz to exit at year-end, buys back his shares

October 13, 2015 3:58 PM

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BOSTON Oct 13 Fortress Investment Group said on Tuesday that Michael Novogratz, who ran the firm's global macro hedge fund, will leave at the end of the year and that it 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 shrink its dividend-paying share count by roughly 13 percent.

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