Ares and Apollo embrace new private-credit alchemy
MFIC•Ares Capital agreed to acquire MidCap Financial Investment in a $2.6 billion deal. MFIC investors will receive $1.21 per share in cash and $9.67 in Ares Capital stock.
1. Deal terms
Ares Capital Corporation, run by Ares Management, announced an agreement to acquire MidCap Financial Investment, known as MFIC and run by Apollo Global Management. MFIC investors will receive $1.21 per share in cash and $9.67 of Ares Capital stock. Ares will issue stock using a ratio based on its reported net asset value per share or its trading price, whichever is higher, up to a cap.
