Shares of First Eagle Alternative Capital BDC, Inc. (FCRD) are rallying more than 33% Tuesday morning after the company announced its decision to be acquired by Crescent Capital BDC, Inc. (CCAP) in a cash and stock deal.
Crescent Capital BDC is a non-diversified management investment company.
The combined company, which will remain externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group , is expected to have about $1.6 billion of investments on a pro forma basis, Crescent Cap said.
The deal is scheduled to close by the fourth quarter of 2022.
FCRD is at $3.90 currently. It has traded in the range of $2.74-$4.89 in the last 1 year.
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