Ares Acquisition closed its IPO of 87 million Class A ordinary shares at a price of $10 each and the sale of an additional 13 million Class A ordinary shares at the same price per share pursuant to the underwriters’ exercise of an over-allotment option.
Total gross proceeds from the offering were $1 billion before deducting underwriting discounts and commissions and other offering expenses.
The SPAC has said it will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, except that it does not intend to pursue the fossil fuel energy industry.
Ares units trade on the NYSE under AAC. Read more.
