Ares Management to acquire GCP International for $3.7B; expects close in H1 2025

Ares Management Corp

Consideration: ~$1.8B cash + ~$1.9B Ares Class A common stock; earn-out up to $1.5B through 2027.
Acquisition nearly doubles AUM to ~$96B, creating one of the largest global real estate platforms.
Transaction expected modestly accretive to after-tax realized income per share in first full year post-close.
Bridge facility of $2.0B from Morgan Stanley and Citi; equity issuance represents ~6% of outstanding shares.
GCP International manages $44B AUM, 23 funds, over 320M sq ft industrial, 1GW data center capacity.

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