Ares Acquisition Corporation (AAC.U) Prices Upsized $870M IPO


Ares Acquisition Corporation (AAC.U) Prices Upsized $870M IPO

Feb 2, 2021 IPOs by Kristi Marvin

Ares Acquisition Corp. announced the pricing of its upsized $870 million IPO this evening and its shares are expected to begin trading on the NYSE under the symbol “AAC.U” Tuesday, February 2.

Ares Acquisition Corp. intends to pursue an initial business combination with an established business with scale, attractive growth prospects and sustainable competitive advantages. The company will be led by Chief Executive Officer and Co-Chairman David B. Kaplan and Co-Chairman Michael J Arougheti.

Total SPAC deal count for 2021 year-to-date is now 95 with $27.1 billion in gross proceeds raised. This offering is expected to close on Thursday, February 4th.

UBS Investment Bank and Citigroup are acting as book-runners and representatives of the underwriters for this offering. Morgan Stanley and Barclays are acting as book-runners, and CastleOak is acting as co-manager. Kirkland & Ellis LLP is serving as Issuer’s Counsel with Ropes & Gray LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.