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Barings BDC, Inc., a publicly traded BDC.
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MVC Capital, Inc., a publicly traded BDC.
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MVC Capital stockholders received 0.94024 Barings BDC shares for each MVC Capital share and Barings LLC paid $7 million directly to MVC Capital stockholders. Barings BDC’s adviser also entered into a credit support agreement with Barings BDC, for the benefit of the combined company, to protect against net cumulative unrealized and realized losses of up to $23 million on the acquired MVC investment portfolio over the next 10 years. Barings BDC will provide up to $15 million in secondary-market support via accretive share repurchases over a 12-month period in the event the combined company’s shares trade below a specific level of NAV per share following the completion of the first quarterly period ended after the consummation of the transaction.
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Blackstone, an asset manager with approximately $584 billion in AUM.
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DCI, an asset management firm with approximately $7.5 billion in AUM.
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Acquisition in which DCI will become part of Blackstone Credit.
(terms not disclosed)
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CC Capital Partners, a private investment firm and Motive Partners, a private equity firm.
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Wilshire Associates, an investment and advisory firm with more than $1 trillion in assets under advisement and $73 billion in AUM.
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Acquisition.
(terms not disclosed)
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FS KKR Capital Corp., a publicly traded BDC.
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FS KKR Capital Corp. II, a publicly traded BDC.
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NAV-for-NAV merger. In connection with the merger, the board of FSK approved an amended advisory agreement for the combined company that will permanently reduce its income incentive fee to 17.5% and the look back provision in advisory agreement will be removed. At the closing of the merger, the adviser has agreed to waive $90 million of incentive fees spread evenly over the first six quarters following the closing.
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Macquarie Asset Management, an asset manager with approximately $554.9 billion in AUM.
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Waddell & Reed Financial, Inc., an asset manager with approximately $68 billion in AUM.
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Acquisition for $1.7 billion, with Macquarie to sell Waddell & Reed’s wealth management business to LPL Financial Holdings Inc. for $300 million upon closing of the transaction.
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Morgan Stanley, a financial services firm that will have approximately $1.2 trillion in AUM and more than $5 billion following the transaction.
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Eaton Vance Corp., an asset management firm that has approximately $507.4 billion in consolidated AUM.
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Acquisition for an equity value of approximately $7 billion.
(further terms not disclosed)
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Mount Logan Capital Inc., an asset manager; and
Sierra Crest Investment Management LLC, a RIA with approximately $4.5 billion in AUM.
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Resource America, Inc., an asset management company with approximately $4.3 billion in AUM.
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Acquisition of certain assets. Upon closing Sierra Crest will become the investment advisor of Resource’s closed-end interval fund, Resource Credit Income Fund.
(further terms not disclosed)
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North Square Investments, LLC, an investment management firm.
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Stadion Money Management, LLC, an investment management firm with approximately $2.79 billion in AUM.
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Acquisition of mutual funds Stadion Tactical Growth, Tactical Defensive and Triology Alternative Return.
(terms not disclosed)
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Portman Ridge Finance Corporation, a publicly traded business development company.
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Harvest Capital Credit Corporation, a business development company.
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NAV-for-NAV merger, and Sierra Crest Investment Management LLC, the investment adviser to Portman Ridge, will pay $2.15 million directly to HCAP stockholders.
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Sun Life Financial Inc., a financial services firm that has $1,122 billion in AUM.
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Crescent Capital Group LP, a credit investment manager with approximately $28 billion in AUM.
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Acquisition of 51% interest, with an upfront payment of $276 million and a future continent payment of $62 million based on certain milestones. The transaction has a put/call option that will allow the transfer of remaining interests approximately five years from closing.
(further terms not disclosed)
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Victory Capital Holdings, Inc., an asset management firm with approximately $132.7 billion in AUM.
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THB Asset Management, an asset management firm with approximately $435 million in equity assets.
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Acquisition.
(terms not disclosed)
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