Wealth manager AMP Ltd said on Monday that U.S.-based Ares Management Corp was interested in buying a 100per cent stake in its asset management arm's private markets business, at the end of a 30-day exclusivity period between the two parties.
AMP said it and Ares continued to work towards a potential deal, with Ares showing interest in buying the entirety of the private markets businesses, against an initial plan for Ares to buy a 60per cent stake for AUS$1.35 billion .Under the earlier plan, AMP would retain 40per cent of the AMP Capital unit, which deals in infrastructure and real estate investments, with the joint venture between the two companies valued at AUS$2.25 billion.
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