Ares Management Consortium to Acquire Apax Global Alpha for £794m

Apax Global Alpha, a private equity fund managed by Apax Partners, is set to be taken private by a consortium led by Ares Management in a £794m deal. The acquisition is expected to close in the second quarter of 2023, subject to regulatory approvals. The deal will see Ares Management acquire 100% of Apax Global Alpha's shares, marking a significant expansion of Ares' private equity business.

A consortium led by Ares Management has agreed to acquire Apax Global Alpha (AGA) trust in a deal worth £794.5m [1]. The cash offer represents £1.65 (€1.9) per share, a premium of around 18.8% to the closing price per AGA share of 138.6p on the last business day prior to the commencement of the offer period, 18 July 2025. The offer is expected to close in the second quarter of 2023, subject to regulatory approvals.

The acquisition will see Ares Management acquire 100% of Apax Global Alpha's shares, marking a significant expansion of Ares' private equity business. The deal is a reflection of the growing demand for private markets in Europe, as indicated by the increasing interest in private equity and debt investments [1].

The offer represents a discount of approximately 17.1% to AGA's preliminary unaudited Q2 net asset value (NAV) per share of around £1.98 (€2.29). The acquisition is expected to be funded by one or more funds managed, advised, or sub-advised by Ares Management.

References:
[1] https://www.investmentweek.co.uk/news/4516627/apax-global-alpha-private-ares-management-pe-consortium-gbp794m-deal