According to Bloomberg News, Ares agrees to buy GLP Capital's ex-China business

Oct 7 (Reuters) – Investment firm Ares Management (ARES.N)opens new tab has agreed to take over asset manager GLP Capital Partners’ operations outside China, Bloomberg News reportedopens new tab on Monday, citing people familiar with the matter.

According to the report, Ares and GLP Capital will announce a deal as early as Tuesday.

Last month, Bloomberg News reportedopens new tab that the deal could include an upfront payment of approximately $3.5 billion and the total value could rise to approximately $5 billion over time if certain targets are met.

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

Reporting by Bipasha Dey in Bengaluru; Editing by Abinaya Vijayaraghavan

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