BSIG - Ares Management inks agreement to buy Landmark Partners

Ares Management's (ARES) subsidiary enter an agreement with a BrightSphere Investment Group (BSIG) subsidiary and Landmark Investment Holdings LP to acquire 100% of Landmark Partners.Landmark Partners is the largest and most experienced investor in acquiring secondary private fund ownership stakes in the alternative asset management industry.The transaction is valued at $1.08B, including ~$787M in cash and ~$293M in Ares Operating Group Units, in each case subject to certain adjustments.BrightSphere to receive ~$724M in cash for its 60% ownership interest in Landmark and its co-investment in Landmark funds. Total expected after-tax proceeds to BrightSphere of ~$630M.The transaction is expected to close in Q2'21, subject to necessary approvals.

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Ares Management inks agreement to buy Landmark Partners