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Ares Management has agreed to pay up to $5.2bn to buy the international arm of real estate investment manager GLP Capital Partners, in one of the largest combinations in the private investment industry in recent years.

The deal will add $44bn in assets to Ares’s business — taking it towards its goal of managing more than $750bn by 2028 — and extend it beyond its core credit franchise. It also puts Ares much closer in size to its larger peers, including Blackstone, Apollo Global Management and KKR.