Ares Management Corporation, a leading global alternative investment manager, announced today that its subsidiary, Ares Capital Management LLC, has entered into a definitive agreement to acquire, on behalf of funds managed by the Ares Credit Group, the Middle Market Lending portfolio from Annaly Capital Management, Inc. for approximately $2.4 billion.
Ares’ Credit Group believes that it is familiar with a significant number of the investments in the Portfolio either through overlapping portfolio companies or through the historical review of these companies. In addition, there is substantial overlap with the financial sponsors backing the Portfolio as well as opportunities to strengthen ties with sponsors new to Ares. Overall, the addition of the Portfolio is expected to provide significant incumbency benefits through incremental investment opportunities as well as relationship benefits with these new and existing sponsors.
The transaction is expected to be completed by the end of the second quarter of 2022, subject to customary closing conditions.
Read more: Business Wire
