The fluid-phase interaction between factor B and an activated form of C3 (C3b or C3(H2O)) is fundamental to the formation of the alternative complement pathway C3 convertase. The present study reports on the thermodynamic parameters that govern these interactions. The extrinsic fluorescent probe 8-anilino-1-naphthalene sulfonate (ANS) and factor B were found to act as competitive ligands in binding to C3b. Thus, complex formation between C3b or C3(H2O) and factor B could be monitored by the quenching of C3b/C3(H2O)-dependent ANS fluorescence upon the addition of B. Under physiological conditions (0.5 mM Mg2+, 37 degrees C, mu = 0.15), the Ka governing the binding of C3b to B was 2.5 X 10(6) M-1, whereas the interaction of C3(H2O) with factor B was of 5-fold lower affinity. Both reactions were endothermic, with the van't Hoff enthalpy being approximately +16.0 kcal mol-1 in each case. Thus, a large positive entropy change provides the net driving force in these interactions. Although Ka increased at higher Mg2+ concentrations, this was not an enthalpy-mediated phenomenon. Taken together, these data are consistent with hydrophobic interactions being dominant in C3b.B or C3(H2O).B complex formation. The enhancement of complex formation by Mg2+ and concomitant increase in delta S suggests that the metal ion plays a role in increasing the number of hydrophobic contacts.