Australia's Omni Bridgeway soars on Ares Management deal

Omni Bridgeway

18/12/2024 02:32

** Shares of litigation funder Omni Bridgeway  OBL.AX  rise 48%
to A$1.4300, their biggest one-day pct gain since Feb 2000
** Firm signs an agreement with funds managed by New York-listed
investment manager Ares Management  ARES.N  to establish a
continuation fund called Fund 9
    ** Says Fund 9 will acquire over 150 of the firm's previous
investments and Ares Management will pay ~A$310 mln ($196.17
mln) for a 70% stake in the fund
    ** Stock hits its highest level since early April
    ** Over 1.3 mln shares traded, 5.6x the 30-day avg
    ** Shares of co up 5.5% YTD
     
    ($1 = 1.5803 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com;))