Blue Owl Capital Corporation and Blue Owl Capital Corporation III Announce Merger

Leading Alternative Asset Managers to Combine

Transaction Creates a Global Alternative Asset Management Powerhouse

NEW YORK, July 16, 2024 /PRNewswire/ -- Blue Owl Capital Inc. (NYSE: OWL), a leading alternative asset manager, today announced that it has entered into a definitive merger agreement with Blue Owl Capital Corporation (NYSE: OBDC) and Blue Owl Capital Corporation III (NYSE: OBDE). The transaction will create a global alternative asset management powerhouse with approximately $100 billion in assets under management.

The merger will combine two high-quality diversified portfolios with substantial investment overlap. Blue Owl Capital Corporation and Blue Owl Capital Corporation III have a long track record of success in investing across a range of alternative asset classes, including private equity, real estate, and credit. The combined company will have a broader and more diversified portfolio, which will provide investors with enhanced risk-adjusted returns.

The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including approval by the shareholders of Blue Owl Capital Corporation and Blue Owl Capital Corporation III.

Upon the closing of the transaction, the combined company will be led by Blue Owl Capital Inc.'s current management team, including CEO Marc Lipschultz and President Douglas Ostrover. The combined company will continue to be listed on the New York Stock Exchange under the ticker symbol "OWL."

The merger of Blue Owl Capital Corporation and Blue Owl Capital Corporation III is a significant event in the alternative asset management industry. The combined company will be a global leader with a broad and diversified portfolio, a strong track record of success, and a talented management team. The transaction is expected to create value for shareholders of both companies.