NEW YORK--(BUSINESS WIRE)--Ares Acquisition Corporation, a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the closing of its initial public offering of 87,000,000 Class A ordinary shares at a price of $10.00 per share and the sale of an additional 13,000,000 Class A ordinary shares at $10.00 per share pursuant to the underwriters’ exercise of an over-allotment option. Total gross proceeds from the offering were $1 billion before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s sponsor is a subsidiary of Ares Management Corporation (“Ares”) (NYSE: ARES), a leading, global alternative investment manager with approximately $179 billion of assets under management as of September 30, 2020. The Company’s management team is led by David B. Kaplan, as Chief Executive Officer and Co-Chairman of the Board of Directors, and Michael J Arougheti as Co-Chairman of the Board of Directors.

About Ares Acquisition Corporation

Ares Acquisition Corporation ("AAC") is a special purpose acquisition company sponsored by a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager. Having completed a $1 billion initial public offering in February 2021, AAC seeks to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination and is expected to benefit from its affiliation with Ares through access to corporate relationships, industry sector expertise and value creation capabilities. For more information, please visit: www.AresAcquisitionCorporation.com.