Benzinga | Mar 31, 2021 06:10AM EDT

Ares Management Corporation Announces Agreement To Acquire Landmark Partners For $1.08B

A Market-Leading Secondaries Platform that has been Delivering Attractive Investment Performance for Over 30 Years

Business Combination Expected to Enhance Investing Advantages and Unlock Growth in the Attractive, Rapidly Expanding Secondaries Markets

Ares to Host Conference Call Today at 8:00 a.m. Eastern Time

Ares Management Corporation ("Ares") (NYSE:ARES) announced today that a subsidiary of Ares has entered into a definitive agreement with a subsidiary of BrightSphere Investment Group Inc. (NYSE:BSIG) and Landmark Investment Holdings LP to acquire 100% of Landmark Partners, LLC (collectively with its subsidiaries, "Landmark"), one of the largest and most experienced investors in acquiring secondary private fund ownership stakes in the alternative asset management industry. The transaction is valued at $1.08 billion, including approximately $787 million in cash and approximately $293 million in Ares Operating Group Units, in each case subject to certain adjustments.