Alliant Capital Ltd., and its affiliates Alliant Strategic Investments and ADC Communities, have been acquired by Walker & Dunlop Inc. for $696 million, the companies announced last week.Woodland Hills-based Alliant is a private investment manager focused on the affordable housing sector through low-income housing tax credit syndication, joint venture development and community preservation fund management.Under the terms of the deal, Bethesda, Md.-based Walker & Dunlop will pay $351 million of cash and the assumption of Alliant’s securitized debt facility, which had an outstanding balance of $155 million. In addition, Walker & Dunlop will provide $90 million of its common stock, with the number of shares to be determined at closing and $100 million of earn-out structured as participating interest in future cash flows over the next four years.“Combining with Walker & Dunlop’s scaled lending and sales platform will accelerate Alliant’s growth over the coming years,” Alliant Chief Executive Shawn Horwitz said in a statement. “Walker & Dunlop’s people, brand and innovative technology will benefit our clients, partners and investors, and allow us to provide more affordable housing.”The transaction is expected to close during the fourth quarter of 2021. Beekman Advisors represented Alliant as financial advisor in the transaction.