SoftBank Group Corp is in late-stage talks to sell asset manager Fortress Investment Group to Abu Dhabi-based sovereign wealth fund Mubadala for as much as $3 billion, the Financial Times reported on Wednesday.

The talks have been going on since last year and a deal, which will help Softbank pay down its debt, could be announced later this month, the report said, citing three people briefed on the matter.

Softbank Chief Executive Officer Masayoshi Son said last year that he is in discussions to sell Fortress, without commenting on a valuation.

Son has championed the deal, hoping to get a price close to what the company paid for Fortress, the FT said. Softbank acquired Fortress in 2017 for $3.3 billion.

Softbank, Fortress, and Mubadala did not immediately respond to Reuters' requests for comment.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Savio D'Souza)