New Merged Ares Kayne Management Has Scale To Compete With Blackstone, KKR

0
New Merged Ares Kayne Management Has Scale To Compete With Blackstone, KKR

Merger mania on Wall Street continues, with the latest shoe dropping in the financial sector. Ares Management LP and Kayne Anderson Capital Advisors LP announced on Thursday that they are merging to create Ares Kayne Management LP, a diversified alternative investment firm with $113 billion in assets.

The deal calls for Ares to pay $2.55 billion to Kayne Anderson’s owners, between $500 million to $750 million in cash and 94.7 million to 107.9 million partnership stock units, based on a regulatory filing. Tony Ressler, Ares’s CEO, noted in a conference call Friday that employees of Ares will own about half of the new company and Kayne Anderson employees approximately 30%.

Mohnish Pabrai On Waiting For The Perfect Pitch