Ares Acquisition II filed to offer 40 million units at $10 each, confirming an earlier report this week that Ares Management was mulling a new SPAC capital raise.

A unit consists of one share and one-half of a warrant. The sponsor has committed to purchase at least $12.3 million in warrants at $1 each.

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 the filing.

CEO David B. Kaplan is a co-founder, director and partner of Ares Management.

citigroup, UBS Investment Bank and CastleOak Securities are joint book-runners for the offering.

The SPAC intends to apply for a nyse listing under the symbol AACT.U. Read more.

 

Source: Ares Acquisition II Registers for 0M IPO