Neuberger Berman is buying a minority stake in tax advisory and software provider Ryan, in which Ares Management (ARES) is a part owner, Bloomberg said on Wednesday, citing people familiar with the matter.
Neuberger is looking to invest about $1.2 billion in Ryan, valuing the company at roughly $7 billion, and will receive two board seats along with its minority stake, the report said.
A potential deal could be announced as soon as Wednesday, according to the sources, Bloomberg reported.
Ares Management and Ryan did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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