Ares Management's (ARES) planned acquisition of Singapore-based GLP Capital Partners' international business has been cleared by the European Commission, the EU's executive arm said Thursday.

The commission said the deal doesn't "raise competition concerns, given the companies' limited market positions resulting from the proposed transaction."

Ares shares were rising 1.6% in recent trading.

Price: 196.44, Change: +3.02, Percent Change: +1.56