Ares Acquisition Corporation II Announces Closing of Upsized $500 Million Initial Public Offering and Partial Exercise of Over-Allotment Option
April 25 2023 - 4:19PM
Business Wire
Ares Acquisition Corporation II (the “Company”), a special
purpose acquisition company formed for the purpose of entering into
a combination with one or more businesses, today announced the
closing of its initial public offering of 45,000,000 units at a
price of $10.00 per share and the sale of an additional 5,000,000
units at $10.00 per share pursuant to the underwriters’ partial
exercise of their over-allotment option. Total gross proceeds from
the offering were $500 million before deducting underwriting
discounts and commissions and other offering expenses payable by
the Company.
The Company’s sponsor is a subsidiary of Ares Management
Corporation (“Ares”) (NYSE: ARES), a leading, global alternative
investment manager with approximately $352 billion of assets under
management as of December 31, 2022. The Company’s management team
is led by David B. Kaplan, as Chief Executive Officer and
Co-Chairman of the Board of Directors, and Michael J Arougheti as
Co-Chairman of the Board of Directors.
The Company’s units began trading on the New York Stock Exchange
under the ticker symbol “AACT.U” on April 21, 2023.
Citigroup and UBS Investment Bank acted as joint book-runners
and representatives of the underwriters for this offering, and
CastleOak acted as co-manager. The offering was made only by means
of a prospectus. Copies of the final prospectus related to the
offering may be obtained from: Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Telephone: (800) 831-9146; and UBS Securities LLC,
Attention: Prospectus Department, 1285 Avenue of the Americas, New
York, New York 10019, Telephone: (888) 827-7275 or email:
ol-prospectus-request@ubs.com.
A registration statement relating to the securities became
effective on April 20, 2023 in accordance with Section 8(a) of the
Securities Act of 1933, as amended. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ares Acquisition Corporation II
Ares Acquisition Corporation II (“AACT”) is a special purpose
acquisition company sponsored by a subsidiary of Ares, a leading
global alternative investment manager. Having completed a $500
million initial public offering in April 2023, the Company seeks to
effect a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination and is expected to
benefit from its affiliation with Ares through access to corporate
relationships, industry sector expertise and value creation
capabilities. For more information, please visit:
www.aresacquisitioncorporationii.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
anticipated use of the net proceeds. No assurance can be given that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the Company’s offering filed with the
Securities and Exchange Commission (“SEC”). Copies are available on
the SEC’s website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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Email: IR@AresAcquisitionCorporationII.com Tel:
(888) 818-5298
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