Kirkland Advises Ares on $2.6 Billion Acquisition of MidCap Financial Investment Corporation
Kirkland & Ellis advised Ares Capital Corporation (Nasdaq: ARCC) on a definitive agreement to acquire MidCap Financial Investment Corporation (Nasdaq: MFIC) in a stock-and-cash transaction for a total enterprise value of approximately $2.6 billion. The transaction is expected to further strengthen Ares Capital’s position as the largest publicly traded business development company, as well as Ares Management Corporation’s (NYSE: ARES) broader position as a leading direct lending platform to U.S. middle-market companies. The transaction is expected to close in the first half of 2027, subject to approval by MFIC’s stockholders, applicable regulatory approvals and the satisfaction of other customary closing conditions. Ares Capital will continue to be externally managed by Ares Capital Management LLC, and the existing Ares Capital Board and management team are expected to remain in place. Upon closing the acquisition of MFIC, formerly Apollo Investment Corporation, ARCC will have acquired all three of the largest BDCs in operation at the time of its IPO over 20 years ago, including Allied Capital and American Capital.
Read the transaction press release
The Kirkland team included corporate lawyer Monica Shilling; investment funds lawyer Nicole Runyan; tax lawyer Meredith Levy; and capital markets lawyers Van Whiting and Ben Martin.
