Ares Capital Moves to Buy an Apollo-Managed BDC, Which Would Lift It Above $31 Billion

An Ares private-credit fund is buying a competitor business-development company from Apollo Global Management, the Wall Street Journal reported. The merger would lift Ares Capital Corp., which calls itself the largest publicly traded BDC, to more than $31 billion. BDCs lend to private firms. The deal is pending.