Ares Capital Corporation entered into a definitive merger agreement to acquire MidCap Financial Investment Corporation in an all-stock and cash transaction valued at approximately $2.6 billion. Under the terms, MFIC shareholders will receive total consideration of $10.88 per fully diluted share, consisting of approximately $1.21 in cash provided by Ares Management and approximately $9.67 in Ares Capital common stock. The deal represents a 30.1% premium to MFIC's last closing price. The transaction is expected to close in the first half of 2027, subject to approval by MFIC stockholders, regulatory clearances including HSR Act waiting periods, and other customary conditions. Ares Capital operates as a leading publicly traded business development company focused on direct lending to U.S. middle-market companies.
