Golub Capital Investment Corporation (GCIC), a middle-market lending-focused company, announced Wednesday, September 4, its stockholders have approved its proposed merger with Golub Capital BDC, Inc. (GBDC), a business development company.

In a report published by PR Newswire, 100% of GCIC stockholders were said to have been in favor of the said proposal. Under the said arrangement, stockholders of GCIC will receive 0.865 shares of GBDC common stock for each share of GCIC common stock.

“We would like to thank our stockholders and the stockholders of GBDC for their strong support of the proposed merger,” said President and CEO of GCIC David B. Golub. “We would also like to thank the independent directors of GCIC and GBDC for their careful evaluation of the proposed merger on behalf of their respective stockholders. We believe the merger with GBDC is a win-win-win—good for GCIC stockholders, good for GBDC stockholders, and good for GBDC. We look forward to delivering the powerful advantages of the combined company to current and future GBDC stockholders,” he continued.

The proposed merger was first announced in November last year when GBDC revealed it has entered into a definitive agreement to merge with Golub Capital Investment Corporation. In the said release, the proposed merger is expected to make GBDC become the fourth-largest externally managed, publicly-traded business development company by assets.

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“We believe the proposed merger with GCIC is a win-win-win—good for GBDC stockholders, good for GCIC stockholders and good for GBDC,” CEO Golub said during that time.

Under the agreement, the combined company will remain to be externally managed by GC Advisors. All current officers and directors of GBDC will also remain in their current roles.

The merger is currently expected to close later in September 2019, subject to satisfaction of customary closing conditions.

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