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American Capital Agency Corp. acquires American Capital Mortgage Management, LLC for $562 million

July 2016

Client(s) Independent Directors of American Capital Agency Corp.

Jones Day advised American Capital Agency Corp. (NASDAQ: AGNC), a mortgage REIT that invests primarily in agency securities, in its $562 million cash acquisition of American Capital Mortgage Management LLC from American Capital Asset Management, LLC ("ACAM"), a wholly-owned portfolio company of American Capital Ltd. (NASDAQ: ACAS). ACMM is the parent company of both American Capital AGNC Management, LLC ("AGNC Manager"), the external manager of AGNC, and American Capital MTGE Management, LLC ("MTGE Manager"), the external manager of American Capital Mortgage Investment Corp. ("MTGE") (NASDAQ: MTGE). AGNC now is an internally-managed residential mortgage REIT, and will continue to provide investment management services to MTGE through MTGE Manager on an external basis under the existing fee structure.

In addition to M&A representation, Jones Day provided employee benefits, antitrust, real estate, and tax advice regarding this transaction.

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