Ares Capital to buy Apollo's MidCap Financial Investment in $2.6 billion deal
ARCC•Ares Capital will acquire MidCap Financial Investment in a stock-and-cash deal with an enterprise value of about $2.6 billion. MidCap shareholders will receive $10.88 per share, comprising about $1.21 in cash and $9.67 in Ares Capital stock.
1. Deal terms
Ares Capital said it will buy MidCap Financial Investment in a deal that values MidCap at a premium of more than 30% to its Monday close of $8.36. The companies said the acquisition will give Ares access to MidCap’s senior secured investments with “compelling” yields and be “modestly” accretive to core earnings.
