: Ares Acquisition Corp., X-energy scrap $1.8B merger due to ‘persistently volatile public markets’

Ares Acquisition Corp. and X-energy Reactor Company LLC on Tuesday called off their $1.8 billion merger deal due partly to challenging market conditions. A shareholder meeting Tuesday to vote on the business combination is being postponed indefinitely. Ares Acquisition Corp., which is a special purpose acquisition company affiliated with Ares Management Corp. ARES, will liquidate. At last check, the SPAC has a market capitalization of $688 million. X-energy will continue as a private company with an undisclosed investment from Ares Management Corp. “Both X-energy and AAC recognize the challenges presented by the current financial market environment and the opportunity for X-energy to continue forward as a private company,” X-energy founder and executive chairman Kam Ghaffarian said in a statement. Ares Management Chief Executive David Kaplan said, “While the persistently volatile public market conditions over the course of 2023 have led to this mutual decision, we remain steadfast in our belief in X-energy’s exceptional talent, differentiated nuclear technology and mission to deliver affordable, zero-carbon energy on a global scale.”

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