Ares Management to Acquire Middle Market Lending Portfolio from Annaly Capital Management for USD 2.4bn.
MANews-(C)2009-2022
US-based alternative investment manager Ares Management Corp's (NYSE: ARES) Ares Capital Management LLC subsidiary 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. (NYSE: NLY) for approximately USD 2.4bn, the firm said.
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...
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