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American Capital's strategic review culminates in $3.4B sale to Ares Capital

May 25, 2016 - The Deal Pipeline
Mergers and Acquisitions

Six months after launching a strategic review, private equity firm and asset manager American Capital Ltd. (ACAS), whose largest shareholder is activist investor Elliott Associates LP,  has agreed to sell to specialty finance company Ares Capital Corp. (ARCC) in a cash-and-stock deal valued at $3.4 billion, the companies said Monday.

The deal excludes American Capital Mortgage Management LLC, which American Capital is selling to American Capital Agency Corp. (AGNC) for $562 million in...