Ares Takes 26.24% of Plenitude, Reports $10M Q3 PNI
ARES sits 22% above its 52-week low of $95.8.
Summary
Ares Management increased its stake in Plenitude to 26.24% with a €1B+ investment at a €10.75B pre-money valuation, gaining three board seats including chairman. Separately, the company reported preliminary Q3 realized net performance income of $10M, up from $9M a year ago. The Plenitude deal was already reported this morning, but the Q3 PNI figure is new and modestly positive. This follows a strong Q2 with record fundraising and AUM growth.
At the time of this announcement, ARES was trading at $116.45 on NYSE in the Finance sector, with a market capitalization of approximately $26B. The 52-week trading range was $95.80 to $181.19. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.