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

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

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

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

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