M&A
confidence high
sentiment positive
materiality 0.85
Blue Owl Capital to merge with OBDC II; creates second-largest public BDC with ~$18.9B in assets
Blue Owl Capital Corp
- OBDC to acquire OBDC II in all-stock merger; exchange ratio based on NAV and OBDC market price before close.
- Pro forma portfolio ~$18.9B at fair value across 239 companies; 80% senior secured, 1.3% non-accrual.
- Expects ~$5M annual cost synergies; adviser to reimburse up to $3M of deal expenses if merger closes.
- Merger expected to close in Q1 2026 subject to OBDC II shareholder vote and regulatory approvals.
- OBDC board approved new $200M share repurchase program valid for 18 months; prior $150M program ends Nov 7, 2025.