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Ares agrees to acquire majority stake in Hong Kong's SSG Capital

U.S.-based asset manager Ares Management Corp.'s subsidiary, Ares Holdings LP, agreed to acquire a controlling interest in Hong Kong-based private equity firm SSG Capital Management Ltd. and its operating subsidiaries.

Consideration for the deal will primarily consist of Ares class A shares, subject to a multiyear lock-up, along with cash.

The acquisition is in line with Ares' plan to further expand in Asia, Ares CEO and President Michael Arougheti said. SSG manages private credit and special situations funds totaling about $6.2 billion in assets under management as of Sept. 30, 2019, according to a release.

The transaction is set to close in the second or third quarter, subject to customary closing conditions and regulatory approvals.