Oct 7 (Reuters) - Investment firm Ares Management ( ARES )

has agreed to acquire asset manager GLP Capital

Partners' operations outside of China, Bloomberg News reported

on Monday, citing people familiar with the matter.

Ares and GLP Capital are set to announce a deal as soon as

Tuesday, the report said.

Last month, Bloomberg News reported that the deal might

include an upfront payment of roughly $3.5 billion and the total

value could rise to around $5 billion over time if certain

targets are hit.

Ares and GLP did not immediately respond to Reuters'

requests for comment.

(Reporting by Bipasha Dey in Bengaluru; Editing by Abinaya

Vijayaraghavan)