RTTNews | Mar 31, 2021 06:30AM EDT

06:29 Wednesday, March 31, 2021 (RTTNews.com) - BrightSphere Investment Group Inc. (BSIG) said that it agreed to sell its 60% ownership interest in Landmark Partners LLC to Ares Management Corp. (ARES) for $690 million.

As part of the deal, Ares will also acquire the 40% ownership interest in Landmark held by the Landmark management team for $390 million, for a total transaction value of about $1.1 billion for 100% of Landmark Partners LLC.

In addition, Ares has also agreed to acquire BrightSphere's co-investments in Landmark funds, which had a book value of approximately $34 million as of December 31, 2020. BrightSphere anticipates total after-tax proceeds from the transaction of approximately $630 million, including proceeds from the sale of co-investments.

The transaction is anticipated to close in the second quarter of 2021.

In a separate press release, Ares Management Corp. confirmed that it reached an agreement with a subsidiary of BrightSphere Investment Group Inc. (BSIG) and Landmark Investment Holdings LP to acquire 100% of Landmark Partners, LLC.

The transaction is valued at $1.08 billion, including about $787 million in cash and about $293 million in Ares Operating Group Units, in each case subject to certain adjustments.

Read the original article on RTTNews ( https://www.rttnews.com/3181616/brightsphere-investment-to-sell-60-stake-in-landmark-partners-to-ares-management.aspx)

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