Ares agrees to buy GLP Capital’s ex-China business, Bloomberg News reports

(Reuters) – Investment firm Ares Management (NYSE:) has agreed to acquire asset manager GLP Capital Partners’ operations outside of China, Bloomberg News reported on Monday, citing people familiar with the matter.

Ares and GLP Capital are set to announce a deal as soon as Tuesday, the report said.

Last month, Bloomberg News reported that the deal might include an upfront payment of roughly $3.5 billion and the total value could rise to around $5 billion over time if certain targets are hit.

Ares and GLP did not immediately respond to Reuters’ requests for comment.