Ares Capital's 30% premium for MidCap Financial comes with a floor and a cap
Ares Capital will pay $10.88 a share for MidCap Financial, mostly in its own stock. The formula behind that stock decides what holders actually get.
On October 27, 2026, Ares Capital (ARCC) announced it would buy MidCap Financial Investment Corporation (MFIC) in a deal the companies put at about $2.6 billion of total enterprise value. Both are business development companies, the listed lenders that make loans to mid-sized private businesses and pass most of their income to shareholders. According to Ares' press release, the agreement was approved by both boards, MFIC's on the unanimous recommendation of a special committee of its independent directors.
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