Ares Management (ARES) held discussions to acquire private equity firm Leonard Green & Partners to expand its private equity business, the Financial Times reported Monday, citing people familiar with the matter.

A deal, however, is not guaranteed, the sources told the media outlet.

Ares Management Chief Executive Michael Arougheti said last year the company was open to an acquisition that would strengthen its legacy private equity business, the FT reported.

Ares Management did not immediately respond to a request for comment from MT Newswires.

(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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