Ares Acquisition Corporation III, a special purpose acquisition company sponsored by a subsidiary of Ares Management Corporation, has closed its initial public offering on the New York Stock Exchange, raising $395 million in gross proceeds before underwriting discounts, commissions, and other expenses.
The transaction consisted of an offering of 34,500,000 units at $10.00 per unit, together with an additional 5,000,000 units sold through a partial exercise of the underwriters' over-allotment option, also priced at $10.00 per unit. In total, 39,500,000 units were sold as part of the offering.
Each unit issued in the offering is composed of one Class A ordinary share and one-tenth of one redeemable warrant. Each full warrant will be exercisable to acquire one Class A ordinary share at an exercise price of $11.50.
The company confirmed that its units began trading on the NYSE under the symbol "AAC.U" on June 30, 2026. The filing indicates that the Class A ordinary shares and the warrants are expected to commence separate trading on the NYSE under the ticker symbols "AAC" and "AAC WS," respectively.
David B. Kaplan serves as Chief Executive Officer and Co-Chairman of the board of directors, while Michael J. Arougheti is listed as Co-Chairman. The sponsor is a subsidiary of Ares Management Corporation, which reported approximately $644 billion in assets under management as of March 31, 2026.
J.P. Morgan and Jefferies acted as joint book-runners and underwriters for the offering. The company's registration statement under the Securities Act of 1933 became effective on June 29, 2026.
Context and structure of the deal
The offering was structured as units that combine equity and warrant exposure, a common SPAC format that provides investors both immediate equity ownership and potential upside via warrants. The partial exercise of the underwriters' over-allotment option increased the aggregate number of units sold but was not a full exercise.
Market positioning
The listing places Ares Acquisition Corporation III within the public SPAC cohort. The initial unit trading on the NYSE under AAC.U represents the combined instrument, with separate trading for the underlying Class A shares and the warrants anticipated subsequently.
Note: This report is limited to the information contained in the company filings and the offering announcement. It does not include additional commentary or valuation analysis beyond those disclosures.