AMP receive buyout offer from US investment company

In a statement released this morning, AMP have confirmed that they have “received an indicative, non-binding, conditional proposal from Ares Management Corporation, a US-based company, to acquire 100% of the shares in AMP Limited by way of scheme of arrangement”.

Ares Management Corporation is a global investment manager operating across the credit, private equity and real estate markets. Founded in 1997, Ares currently has US$179 billion assets under management.

The release from AMP notes that discussions on the proposal are at a very preliminary stage and there is no certainty that a transaction will eventuate.

The announcement comes as AMP continues its portfolio review announced on September 2, 2020. The review sees AMP assessing a range of options including continuing to pursue its three-year transformation strategy.