Ares Capital agrees to buy Apollo’s MidCap in $2.6 billion enterprise-value deal

Ares Capital agreed to buy Apollo’s MidCap Financial Investment in a cash-and-stock deal with a $2.6 billion enterprise value, Bloomberg reports. The companies put the per-share price at $10.88, including about $1.21 in cash. The Wall Street Journal says the merger would boost Ares Capital to over $31 billion; MidCap shareholders would own about 5% of the merged funds if it closes as expected in the first half of 2027.