Australian wealth management company AMP Limited said on Monday that Ares Management Corporation had expressed interest in acquiring 100 per cent of AMP Capital’s private markets businesses.
In February, AMP and Ares Management Corporation entered into a non-binding agreement to form a joint venture for AMP Capital’s private markets businesses including infrastructure equity, infrastructure debt, real estate and other minority investments.
Under this agreement, Ares would acquire 60 per cent of the private markets businesses for A$1.35 billion and AMP would retain 40 per cent, valued at A$900 million.
AMP said the 30-day exclusivity period in its heads of agreement with Ares Management Corporation for a proposed AMP Capital private markets transaction, announced on 26 February 2021, had concluded.
”AMP and Ares continue to work towards a potential transaction,” said the company in the ASX announcement.
”There is no certainty that a transaction will proceed, or the terms, size or structure on which it would proceed. Any transaction would remain subject to approval of AMP shareholders,” added AMP.