A 30-day period of exclusive negotiations between Ares Management Corp. and AMP Ltd. to form a 60/40 joint venture for AMP Capital's private markets business has concluded without an agreement.
"AMP and Ares continue to work towards a potential transaction and Ares has expressed interest in acquiring 100 per cent of the private markets businesses," an AMP filing Monday with the Australian stock exchange said.
An AMP spokesman did not respond to a query regarding whether the joint venture proposal spelled out in a joint Feb. 26 news release — under which Ares, a New York Stock Exchange-listed private markets manager with $197 billion invested in credit, private equity and real estate, would pay A$1.35 billion ($1.1 billion) for a 60% stake in the joint venture — is still on the table.
The spokesman declined comment beyond the filing. A spokesman for Ares could not immediately be reached for comment.
In Monday trading, AMP Ltd.'s stock price fell 3.35% to A$1.30. The broad All Ordinaries benchmark index slipped 0.38%.
AMP Capital had A$190 billion in assets under management as of Dec. 31.