AMP said its Private Markets business, PrivateMarketsCo, has agreed to sell its Infrastructure Debt platform to Ares Holdings LP, a unit of Ares Management Corporation (ARES), for a cash consideration of A$428 million. The deal values Infrastructure Debt at approximately A$578 million. AMP said the cash proceeds from the sale will strengthen the capital position of the Group.

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RTTNews | Dec 24, 2021 01:30AM EST

01:30 Friday, December 24, 2021 (RTTNews.com) - AMP said its Private Markets business, PrivateMarketsCo, has agreed to sell its Infrastructure Debt platform to Ares Holdings LP, a unit of Ares Management Corporation (ARES), for a cash consideration of A$428 million. The deal values Infrastructure Debt at approximately A$578 million. AMP said the cash proceeds from the sale will strengthen the capital position of the Group.

Shawn Johnson, PrivateMarketsCo Chief Executive said: "PrivateMarketsCo and AMP will realise significant value from the divestment, as well as retaining our valuable sponsor investments and carried interest in the closed Infrastructure Debt funds. This will provide a strong revenue stream in coming years as we demerge PrivateMarketsCo and accelerate the momentum in our business."

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