Ares Capital Corp. (Nasdaq: ARCC), the publicly traded lender managed by alternative-investment firm Ares Management LP, will acquire American Capital Ltd. in a deal valued at $3.4 billion.

Ares Management attempted to expand through a large acquisition in 2015, when it was among the many bidders for middle-market lending powerhouse Antares Capital. Ultimately, General Electric (NYSE: GE) sold Antares to Canada’s largest pension fund, Canada Pension Plan Investment Board, for $12 billion.

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