Patriot Capital shareholders agree to merger with Prospect Capital

By Lisa Kerner

Charlotte, N.C., Nov. 18 - Patriot Capital Funding, Inc. said its shareholders "overwhelmingly" approved the company's merger with Prospect Capital Corp. at a special meeting on Wednesday.

The transaction, which remains subject to the receipt of payoff letters from Patriot's lenders, is expected to close on or about Dec. 2, according to a Patriot news release.

In August, Prospect, announced it will acquire Patriot, a Westport, Conn., private equity firm, for $197 million, or 54% of equity book value.

As previously reported, each Patriot share will be exchange for approximately 0.3992 Prospect shares, or a total of 8,616,467 Prospect shares for 21,584,251 Patriot shares.

Prospect is a New York venture capital and private equity firm.

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