Ares Acquisition II, the second blank check company formed by Ares Management, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering, the largest new blank check filing since December 2021.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Ares Acquisition II would command a market value of $500 million.
The company is led by CEO and Co-Chairman David Kaplan and Co-Chairman Michael Arougheti, co-founders of Ares Management where they serve as Partner and CEO, respectively. The company plans to target businesses in North America, Europe, or Asia with differentiated and sustainable business models with defensible market positions, strong culture, and attractive growth prospects, among other characteristics.
Management's previous SPAC, Ares Acquisition (AAC; +3% from $10 offer price), went public in February 2021 and has a pending merger agreement with nuclear reactor developer X-energy.
Ares Acquisition II was founded in 2021 and plans to list on the NYSE under the symbol AACT.U. The company filed confidentially on May 14, 2021. Citi and UBS Investment Bank are the joint bookrunners on the deal.
