Conversion Expected to Result in Broader Stock Ownership and
Potential Index Inclusion
LOS ANGELES--(BUSINESS WIRE)--
Ares Management Corporation (NYSE:ARES) announced today that it has
completed its conversion to a corporation under Delaware law and changed
its name from Ares Management, L.P. to Ares Management Corporation.
Since Ares had already elected to be taxed as a corporation for U.S.
federal and state income tax purposes effective March 1, 2018, no
material tax or financial changes are expected from the state law
conversion.
Existing common and preferred shares of Ares Management, L.P. have been
converted into Class A common and Series A Preferred shares of Ares
Management Corporation, respectively. Following the conversion, the
Class A common shares will have voting rights equivalent to
approximately 20% of the total and will be entitled to vote on typical
stockholder matters under Delaware law. Both the Class A common and
Series A Preferred shares of Ares Management Corporation will continue
to receive Form 1099 DIV reporting and are eligible for the favorable
tax rates applicable to qualified dividend income. For more information,
please refer to the Investor Resources section of our website at www.aresmgmt.com.
“We are pleased to have completed our legal conversion from a
partnership to a corporation,” said Michael Arougheti, CEO and President
of Ares Management Corporation. “We are excited for the next chapter of
growth as a public company. We believe the corporate conversion will
lead to increased trading liquidity and further broaden our ownership
base among institutional and retail investors, including additional
passive and active owners as a result of potential index fund inclusion.”
About Ares Management Corporation
Ares Management
Corporation is a publicly traded, leading global alternative asset
manager with approximately $125 billion of assets under management as of
September 30, 2018 and 18 offices in the United States, Europe, Asia and
Australia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its three distinct but complementary investment groups in
Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part of
the greater whole.
Forward-Looking Statements
Statements included herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, which relate to future
events or our future performance or financial condition. These
statements are not guarantees of future performance, condition or
results and involve a number of risks and uncertainties. Actual results
may differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time to
time in Ares’ filings with the Securities and Exchange Commission. Ares
Management Corporation undertakes no duty to update any forward-looking
statements made herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181126005147/en/
Media:
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management Corporation
Carl Drake, 800-340-6597
[email protected]
Source: Ares Management Corporation
