Ares Acquisition II closed its initial public offering of 45 million units at $10 each and sold an additional 5 million units at the same price pursuant to the underwriters' partial exercise of their over-allotment option.

The company's sponsor is a subsidiary of ares management, a global alternative investment manager with approximately $352 billion AUM as of Dec. 31.

Ares II plans to focus on companies in North America, europe or asia. “We will pursue an initial business combination with an established business with scale, attractive growth prospects and sustainable competitive advantages,” the SPAC said in its S-1 filing. Read more.

Source: Ares Acquisition II Closes Upsized 0M IPO