07:28 AM EDT, 08/05/2024 (MT Newswires) -- Carlyle Secured Lending ( CGBD ) , a business development company, said Monday it has agreed to acquire Carlyle Secured Lending III, a private business development company with a similar investment strategy and portfolio.

The stock-for-stock transaction will boost Carlyle Secured Lending's ( CGBD ) total assets to more than $2.5 billion and net assets to more than $1.2 billion, the company said.

Carlyle Investment Management, a wholly owned subsidiary of Carlyle Group ( CG ) , will convert its preferred shares in Carlyle Secured Lending ( CGBD ) to common stock, eliminating the dilutive effect of the preferred shares, the company said.

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