SMFG - Ares Management starts stock offering will sell stock to Sumitomo Mitsui Banking

Ares Management (ARES) starts a public offering of 9.5M shares of class A common stock and enters a share purchase agreement with existing stockholder Sumitomo Mitsui Banking Corp. (SMFG).Expects to grant an over-allotment option for up to an additional 1.425M shares of class A common stock.Sumitomo Mitsui agrees to acquire ~$250M of Ares's common stock at a price per share equal to the public offering price less underwriting discounts and commissions.Ares intends to use the proceeds from the public offering and the private placement for the cash portion of its acquisition of Landmark Partners and related costs and for general corporate purposes including repayment of debt or preferred stock, other acquisitions, and growth initiatives.

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Ares Management starts stock offering, will sell stock to Sumitomo Mitsui Banking