MidCap Financial, a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company, agreed to merge with Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund, diversified closed-end management investment companies in a $3.4bn deal. “We are excited to announce a transformative merger of AFT and AIF with MFIC, which we believe will create a stronger combined company. We look forward to realizing the benefits of a larger combined company, including enhanced returns for all shareholders, greater scale, and enhanced portfolio diversification. We also believe that a larger combined company may improve market visibility and lead to increased market value for its shareholders,” Howard Widra, MidCap Financial Executive Chairman.