Investcorp BDC soars on buyout deal with BCP Investment
BCIC•Investcorp Credit Management BDC shares rose 72.9% to $1.07 after BCP Investment Corporation agreed to acquire it at 90% of adjusted net asset value. BCP Investment shares fell 15%.
1. Buyout deal
BCP Investment Corporation will acquire Investcorp Credit Management BDC at 90% of its adjusted net asset value. Investcorp BDC shares rose 72.9% to $1.07 in afternoon trading, while BCP Investment shares fell 15%. BCIC CEO Ted Goldthorpe said the transaction marks another step in executing the company’s vision of driving consolidation across the BDC sector. The deal comes weeks after Ares Capital sealed a $2.6 billion deal for Apollo’s MFIC.
