Laxman Pai, Opalesque Asia: Alternative investment firm Ares Management Corp. has agreed to buy private-markets specialist Landmark Partners from BrightSphere Investment Group for $1.08 billion. As part of the deal, Ares will buy the 60% stake BrightSphere owns as well as the 40% interest held by the Landmark management team. Ares has also agreed to acquire BrightSphere's co-investments in Landmark funds, which were valued at roughly $34 million as of Dec. 31. The global alternative investment manager said in a press release that the transaction is valued at $1.08 billion, including approximately $787 million in cash and approximately $293 million in Ares Operating Group Units, in each case subject to certain adjustments.