Japan’s SMBC to acquire 4.9% stake in Ares Management for $384m

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) Group is investing $384 million to acquire a 4.9 per cent stake in global alternative asset manager Ares Management, per a statement.

SMBC Group, which is comprised of Sumitomo Mitsui Financial Group Inc and Sumitomo Mitsui Banking Corporation, said it will purchase 12.1 million Class A common shares from Ares at $31.64 apiece. Ares will continue to hold approximately 61 per cent of the company after the deal.