Latham Advises on Ares Management Corporation’s US$1.5 Billion Offering of Series B Mandatory Convertible Preferred Stock

Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, closed on October 10, 2024, its previously announced underwritten public offering of 27,000,000 shares of Series B Mandatory Convertible Preferred Stock, par value US$0.01 per share, of the company at a public offering price of US$50 per share of Mandatory Convertible Preferred Stock. The underwriters exercised in full their option to purchase up to an additional 3,000,000 shares of Mandatory Convertible Preferred Stock at the public offering price, less underwriting discounts and commissions, solely to cover over-allotments.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by Century City partner Lewis Kneib, with associates Devon MacLaughlin, Eric Finkelberg, Will Coughlin, and Dylan Shamoon. Advice was provided on equity-linked product matters by New York/Los Angeles partner Greg Rodgers and Los Angeles partner Arash Aminian Baghai, with associate Andrew Bentz; and on tax matters by Century City partner Ana O’Brien and New York partner Bora Bozkurt.