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Ares Management prices common stock offering

Ares Management LP has priced a public offering in which it is selling 5 million of its common shares and a strategic investor is selling 10 million Ares Management common shares at $22 apiece.

The strategic investor has granted to the underwriters of the offering an option to purchase up to additional 2,250,000 common shares.

The offering is expected to close on or about March 12.

Ares Management intends to use all of the net proceeds from its issuance and sale of its 5 million common shares for general corporate purposes. The company, its directors, officers or employees will not receive any proceeds from the shareholder's sale of common shares.

The company, its directors, executive officers and the selling shareholder have also entered into a customary lockup agreement with the offering's underwriters.

Wells Fargo Securities, Morgan Stanley and Credit Suisse are acting as the offering's joint book-running managers, as well as the underwriters' representatives. Bank of America Merrill Lynch, UBS Investment Bank and RBC Capital Markets are also acting as joint book-running managers.