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AAC - Ares Acquisition News Story

$9.83 0.0  0.0%

Last Trade - 05/05/21

Sector
Financials
Size
Mid Cap
Market Cap £546.9m
Enterprise Value £547.0m
Revenue £n/a
Position in Universe th / 6846

BUZZ-Ares Management falls after pricing stock offering

Tue 6th April, 2021 3:17pm
** Ares Management Corp  ARES.N  shares down 7.8% at $54.50
as co raises equity
    ** ARES on track for biggest one-day pct drop since Mar 2020
    ** Alternative asset manager sells 9.5 mln shares at $54 for
$513 mln gross raise  urn:newsml:reuters.com:*:nBw814Mh1a
    ** Offering prices at 8.7% discount to stock's $59.13 record
high close on Mon
    ** ARES concurrently sells privately ~$250 mln of stock to
existing holder Sumitomo Mitsui Banking Corporation at public
offering price less underwriting discounts
    ** Co plans to use combined net proceeds to pay cash
consideration for acquisition of Landmark Partners
    ** ARES on Mar 31 agreed to acquire ownership stake in
BrightSpere Investment Group's  BSIG.N  subsidiary Landmark
Partners LLC for ~$787 mln in cash and ~$293 mln in Ares
operating units  urn:newsml:reuters.com:*:nBwc0ZtKka
    ** Morgan Stanley, RBC and SMBC Nikko Securities jt lead
bookrunners for offering
    ** With move on Tues, ARES shares up ~16% YTD and have
~$14.3 bln market cap, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
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