BlackRock TCP Capital (TCPC) and BlackRock Capital Investment Corporation (BCIC)’s business development company shareholders voted to approve the necessary proposals related to the merger of TCPC and BCIC at each company’s special meeting of shareholders held on March 7. Shareholders voted overwhelmingly in favor of the proposed transaction, as more than 90% of shareholders represented at each meeting voted in favor of the merger.

“We thank shareholders of both BDCs for their overwhelming support for the merger,” Rajneesh Vig, co-head of U.S. private capital for BlackRock, and chairman and CEO of BlackRock TCPC, said. “We are excited about the opportunity ahead to leverage the combined company’s scale to further our strategy of investing in attractive middle market companies that we believe will drive sustainable growth and value for our shareholders.”

“This transformational merger is a strategic next step in the growth and evolution of BlackRock’s BDC platform, and it further enhances our ability to provide clients with industry-leading private credit products and services,” James Keenan, chief investment officer and global head of private debt for BlackRock, and interim CEO of BCIC, said.

The merger is expected to close as soon as practicable, subject to closing conditions being satisfied. Following the merger, the surviving entity will continue as an indirect wholly-owned subsidiary of TCPC. TCPC will continue to trade on the Nasdaq Global Select Market under the ticker symbol “TCPC.”