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    Home»Deals & Transactions»AMP shares surge on Ares bid to buy 60% of unit’s private markets business
    Deals & Transactions

    AMP shares surge on Ares bid to buy 60% of unit’s private markets business

    February 26, 20211 Min Read
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    U.S.-based Ares Management plans to buy 60% of the private markets business of AMP Ltd’s asset management arm for A$1.35 billion ($1.06 billion), the pair said on Friday, weeks after scrapping a bid for all of the Australian company.

    AMP shares on Friday surged 6.5%, far outperforming its peers and a broader market deep in the red, to A$1.485 – their biggest rise since November last year.

    Under the deal, the Australian wealth manager will retain 40% of AMP Capital’s private markets business, worth A$900 million, which deals in infrastructure and real estate investments. The whole joint venture is valued at A$2.25 billion.

    Earlier in February, AMP said Ares had withdrawn a A$6.36 billion takeover proposal for the whole company, instead continuing talks over AMP Capital – considered its most valuable unit.

    Read more at: Reuters

    ByNikhil Kurian Nainan, Shailesh Kuber and Sam Holmes

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