Deals
Ares SPAC Joins Pile of Busted Deals to Return Cash to Investors
- X-Energy deal termination marks year’s 55th busted SPAC pact
- Ares joins Moelis, Durant among SPAC sponsors to liquidate
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One of the SPAC industry’s biggest tie-ups backed by a marquee investor collapsed as private equity firm Ares Management called off its deal hours before a shareholder vote.
Ares Acquisition Corp. and nuclear power technology firm X-Energy Reactor Co. terminated their pact, which valued the developer of small nuclear reactors at roughly $1.2 billion, the companies announced Tuesday. The termination marks the 55th busted SPAC pact this year, according to SPAC Research data, and came hours before a scheduled vote for investors to approve the transaction.