Simpson Thacher Represents JPMorgan as Financial Advisor to Barings in Its Merger With MVC
09.21.20
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Simpson Thacher is representing J.P. Morgan Securities LLC as financial advisor to Barings BDC, Inc. (NYSE: BBDC) (“Barings”) in the announced merger of MVC Capital, Inc. (NYSE: MVC) (“MVC”) with and into Barings.
Under the terms of the merger agreement, MVC stockholders will receive 0.94024 Barings shares and $0.39492 in cash for each MVC share or the equivalent of $8.21 for each MVC share based on the closing price of Barings common stock on August 10, 2020, representing total aggregate consideration of approximately $177.5 million, subject to adjustment. The combined company, which will remain externally managed by Barings LLC, is expected to have more than $1.2 billion of investments on a pro forma basis. The transaction, which is expected to close in the fourth quarter of 2020, is subject to regulatory approvals, Barings and MVC stockholder approval and other closing conditions.
Barings stockholders and MVC stockholders are expected to hold approximately 74.2% and 25.8%, respectively, of the combined company.
The Simpson Thacher team includes Caroline Gottschalk and Rex Hupy (M&A).