Ares Acquisition Corporation Announces Closing of Upsized $1 Billion Initial Public Offering
Ares Acquisition Corporation (the “Company”), a special purpose
acquisition company formed for the purpose of entering into a
combination with one or more businesses, today announced the
closing of its initial public offering of 87,000,000 Class A
ordinary shares at a price of $10.00 per share and the sale of an
additional 13,000,000 Class A ordinary shares at $10.00 per share
pursuant to the underwriters’ exercise of an over-allotment option.
Total gross proceeds from the offering were $1 billion before
deducting underwriting discounts and commissions and other offering
expenses payable by the Company.
The Company’s sponsor is a subsidiary of Ares Management
Corporation (“Ares”) (NYSE: ARES), a leading, global alternative
investment manager with approximately $179 billion of assets under
management as of September 30, 2020. The Company’s management team
is led by David B. Kaplan, as Chief Executive Officer and
Co-Chairman of the Board of Directors, and Michael J Arougheti as
Co-Chairman of the Board of Directors.
The Company’s shares began trading on the New York Stock
Exchange under the ticker symbol “AAC” on February 2, 2021.
UBS Investment Bank and Citigroup acted as book-runners and
representatives of the underwriters for this offering. Morgan
Stanley and Barclays acted as book-runners, and CastleOak acted as
co-manager. The offering was made only by means of a prospectus.
Copies of the final prospectus related to the offering may be
obtained from: UBS Securities LLC, Attention: Prospectus
Department, 1285 Avenue of the Americas, New York, New York 10019,
Telephone: (888) 827-7275 or email: firstname.lastname@example.org;
and Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone:
A registration statement relating to the securities became
effective on February 1, 2021 in accordance with Section 8(a) of
the Securities Act of 1933, as amended. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ares Acquisition Corporation
Ares Acquisition Corporation ("AAC") is a special purpose
acquisition company sponsored by a subsidiary of Ares Management
Corporation (NYSE: ARES) (“Ares”), a leading global alternative
investment manager. Having completed a $1 billion initial public
offering in February 2021, AAC seeks to effect a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination and is expected to benefit from its
affiliation with Ares through access to corporate relationships,
industry sector expertise and value creation capabilities. For more
information, please visit: www.AresAcquisitionCorporation.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
anticipated use of the net proceeds. No assurance can be given that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the Company’s offering filed with the
Securities and Exchange Commission (“SEC”). Copies are available on
the SEC’s website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
For more information, please visit:
version on businesswire.com: https://www.businesswire.com/news/home/20210204006137/en/
Mendel Communications Bill Mendel, 212-397-1030
email@example.com Ares Management Corporation Carl
Drake, 888-818-5298 firstname.lastname@example.org or Priscila Roney,