Skadden is advising American Capital, Ltd. on two transactions valued at over $4 billion: its sale to Ares Capital Corporation, excluding American Capital Mortgage Management, LLC, for $3.43 billion — the largest-ever business development company merger; and its sale of American Capital Mortgage Management to American Capital Agency Corp. for $562 million. The transactions are the result of a strategic review launched under pressure from activist investor Elliott Associates LP, American Capital's largest shareholder.

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