Ares Management to Acquire GLP Capital Partners

(Reuters) – Investment firm Ares Management (NYSE:ARES) has agreed to acquire asset manager GLP Capital Partners‘ operations outside of China, Bloomberg News reported on Monday, citing sources familiar with the matter.

Ares and GLP Capital are set to announce a deal as soon as Tuesday, according to the report.

Last month, Bloomberg News reported that the deal might include an upfront payment of roughly $3.5 billion, with the total value potentially rising to around $5 billion over time if certain targets are met.

Ares and GLP did not immediately respond to Reuters’ requests for comment.