american capital, ares

(Reuters) - Specialty finance company Ares Capital Corp, agreed to buy smaller rival American Capital Ltd. in a cash-and-stock deal valued at $3.4 billion, aiming to capture a bigger share of lending to mid-sized firms as big banks turn cautious. BDCs have been hit by highly competitive underwriting conditions and muted deal flows, affecting their share prices, portfolio yields and access to growth capital. Reporting by Sruthi Shankar in Bengaluru; Editing by Kirti Pandey and Ted Kerr. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Elliott Management, which owns 14.4 percent of American Capital, said it strongly supported the Ares deal. Click here to register, Not for publication, email or dissemination, SDCERS approves $125m in private equity commitments for 2021, Fewer funds gobble up LP capital as YTD fundraising remains strong, Side Letter: Fink on fiduciary duty vs ESG, PSERS pares back on PE, Thoma Bravo performance data. If the deal falls apart, Elliott would be able to appoint one of four American Capital directors, with the other three to be mutually agreed upon by Elliott and American Capital. A link has been emailed to you - check your inbox. By Sruthi Shankar (Reuters) - Speciality finance company Ares Capital Corp (ARCC.O) agreed to buy smaller rival American Capital Ltd (ACAS.O) in a cash-and … Yahoo is part of Verizon Media. Not the case? Ares Capital shares closed down 2.4 percent at $14.83, while American Capital shares were up about 0.6 percent at $15.72. Goldman Sachs and Credit Suisse Securities LLC advised American Capital. In a separate transaction, American Capital Mortgage Management will be acquired by American Capital Agency Corp. for $2.45 per share, or $562 million, according to the statement. “Ares finds another avenue to grow its leading middle market lending franchise ... while Ares gains another $4 billion of (assets under management).”. Only logged in subscribers of this site will be able to access the shared article. BDCs are closed-end investment funds that lend mainly to privately owned mid-sized businesses. Register now to read this article and more for free. Ares Capital is offering $6.41 per share and 0.483 of its shares for each share of American Capital. PODCAST: Where are hurdle rates trending? You can change your choices at any time by visiting Your Privacy Controls. Reuters, citing sources, reported in April that Ares Capital parent Ares Management LP ARES.N was among the potential suitors for American Capital. “We view the deal as very positive for both,” Sun Trust Robinson analysts wrote in client note. A verification email is on its way to you. The merger will be paid for in cash and Ares Capital stock, helped by a side deal in which American Capital Agency (NASDAQ:AGNC) will buy its external manager from American Capital's … You should only be asked to sign in once. was among the potential suitors for American Capital. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. American Capital has been under fire from activist investor Elliott Management Corp for its performance and its plan to spin off some assets into a new business development company (BDC). Don't have an account? PODCAST: How PE firms can recruit a diverse investment team, PODCAST: 10 litigation risks to look out for this year, PODCAST: Leapfrog’s CEO on separating the impact investing wheat from the chaff, PODCAST: Gazing into the future – 5 tips for long-term investors, PODCAST: Extending your platform beyond PE, Podcast: Ludovic Phalippou talks Private Equity Risk, PODCAST: Riverside on the GFC’s ‘difficult blessing’, PODCAST: Why investors should look beyond the headlines in emerging markets, Why GP led secondaries is the next big thing in Private Equity. Manager outlook on 2020 in light of covid-19, Investor outlook on 2020 in light of Covid-19, FEATURED TITLE: Inside the Fund Management Firm, BEST-SELLER: The Definitive Guide to Carried Interest, Side Letter: Fink on fiduciary duty vs ESG, PSERS pares back…, DOWNLOAD: Are private equity execs willing to travel to get deals…. Please confirm you would like to remove this article from your saved articles. American Capital and Ares Capital had combined investments of more than $13 billion at fair value as of March 31. Our Standards: The Thomson Reuters Trust Principles. Wells Fargo Securities and Bank of America Merrill Lynch advised Ares Capital. American Capital and Ares Capital had combined investments of more than $13 billion at fair value as of March 31.

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