Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 19.11.2020  
C(2020 ) 8223 final  
PUBLIC VERSION  
To the notifying party  
Subject : Case M. 9991 — MassMutual/MVC Capital  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 27 October 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Barings BDC, 
Inc. (“Barings BDC” , USA ), advised by Barings LLC, a wholly -owned subsidiary of 
Massachusetts Mutual Life Insurance Company (“MassMutual”, USA), acquire s 
within the meaning of Article 3(1)(b) of the Merger Regulation control over the whole 
of the undertaking MVC Capital, Inc. (“MVC Capital”, USA ) by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are:  
 — Barings BDC  is a closed -end, non -diversified investment company. It 
provides capital to middle -market businesses that operate across a wide range 
of industries and generates income primarily from directly -originated debt 
investments. Barings BDC is advised by Barings LLC,  an international 
investment management firm, which in turn is wholly owned by 
MassMutual , a mutual life insurance company ,  
 — MVC Capital  is an externally managed, non -diversified closed -end 
management investment company. It provides equity and debt investment 
capital to fund growth, acquisitions and recapitalizations of small and 
middle -market companies in a variety of industries.  
3. After exam ination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 372, 04.11.2020 , p. 16. 

2 paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agr eement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
 
 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .