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MidCap, Apollo to Acquire Mubadala GE Capital Loan Portfolio

October 01, 2015, 07:04 AM
Filed Under: Mergers & Acquisitions

MidCap FinCo Limited (together with its subsidiaries "MidCap Financial"), in partnership with other Apollo managed funds and affiliates, announced that it has signed an agreement with Mubadala GE Capital (“MGEC”) to acquire substantially all of MGEC’s loan portfolio of primarily corporate and real estate loans in the US and Europe with total assets of $3.6 billion (as of June 30, 2015). The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2015.

Based in Abu Dhabi, MGEC is a 50/50 commercial finance joint venture between Mubadala Development Corporation and GE Capital.

"This acquisition advances our strategy to be a significant player in the middle market lending space and builds on our market leading franchises in a number of markets," said Steve Curwin, CEO of MidCap Financial. "The opportunity to add a highly diversified portfolio of this quality to our platform is unique."

“We believe that the high quality portfolio that MGEC has built will greatly accelerate our direct origination efforts in the middle market,” said Howard Widra, Partner of Apollo Global Management's (NYSE: APO) credit business, which manages MidCap Financial.

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