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MidCap Financial surges as Ares Capital agrees to buy co in $2.6 bln deal

By Reuters News

** MidCap Financial MFIC.O shares surge 19.6% to $10 premarket

** Ares Capital ARES.N agrees to buy Apollo-managed U.S. middle-market business lender in cash-and-stock deal of ~$2.6 billion enterprise value

** Deal to expand lending business, diversify portfolio, boost earnings - ARES

** MFIC shareholders to receive $10.88/share in cash and Ares Capital stock — subject to adjustments for special dividend MFIC expects to pay before deal close

** Deal represents ~30.1% premium to MFIC October 26 close

** YTD through last close: MFIC down ~27%, ARES down over 24%

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