Ares Management is in talks to acquire AMP. The Australian wealth manager has been known for scandal and controversy in recent years. This includes a sexual harassment scandal. As a result, this deal comes only a few weeks after AMP put itself up for sale. The deal values AMP at over $5 billion. Debt is not a factor in this value. This is the first Australian- based purchase for Ares Management. John Knox is heading the deal. He is the former Credit Suisse Australia chief executive.
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Deborah Hazelton heads the new board, along with chief executive Francesco De Ferrari. Since the deal is ongoing, AMP cannot comment at this time.
In an official 8-K filing, Ares Manage...