Ares Acquisition, a blank check company formed by Ares Management targeting a sustainable business, raised $870 million by offering 87 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company originally planned to offer 60 million units before increasing the offering to 72.5 million units last month.
The company is led by CEO and Co-Chairman David Kaplan, co-founder and Partner of Ares Management and Co-Chairman of the Ares Private Equity Group, and Co-Chairman Michael Arougheti, co-founder and CEO of Ares Management and Co-Chairman of Ares Capital Corporation. The company plans to target an established business with scale, attractive growth prospects, and sustainable competitive advantages, focusing on those in North America, Europe, or Asia. While it has not selected a target industry, the company does not plan to target the fossil fuel energy industry, including the upstream, midstream and energy services sub-sectors.
Ares Acquisition plans to list on the NYSE under the symbol AAC.U. UBS Investment Bank, Citi, Morgan Stanley and Barclays acted as lead managers on the deal.
