Ares/AMP joint venture is too cheap: Macquarie – The Australian Financial Review

US asset manager Ares $2.25 billion joint venture for AMP Capitals private markets business undervalues it and it would be surprising if AMP agreed to the deal.
Thats the view of analysts at Macquarie, who reckon the Ares deal which would see the US player buy 60 per cent of the private markets business for $1.35 billion represents a 25 per cent discount to its market value.
On our numbers, we do not see how AMP could agree to the deal in the form disclosed to the market, the analysts said in a…

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