American Capital to acquire European Capital

European Capital has entered into an implementation agreement with majority owner American Capital that will see the latter acquire the 32.3% of shares it does not currently own for a total consideration of around $158m.

American Capital will exchange 0.333 shares of American Capital common stock for each European Capital ordinary share. The purchase price implies a total market capitalisation of $490m and a total enterprise value of $2bn. As part of the agreement, European Capital will not declare additional dividends without the prior approval of American Capital. The acquisition is expected to close in the first quarter of 2009.

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