KKR & Co. Inc. has announced the closing of the previously-announced transaction in which it is acquiring the remaining 37% of Global Atlantic Financial Group LLC, increasing KKR’s ownership to 100%.
KKR acquired a majority of Global Atlantic in 2021, and since that time has served as Global Atlantic’s asset manager.
The acquisition of this remaining 37% was first announced back in November of 2023 for a sum of $2.7bn.
At the time, KKR said it would fund the transaction from its balance sheet, which had $23bn of cash and investments as of September 2023.
Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.
Joseph Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, commented, “Since day one, Global Atlantic has been a great fit for KKR, both from a business and cultural standpoint.
“With this new ownership structure in place, we look forward to even closer collaboration with Global Atlantic so that we can realize more of the synergies that we have uncovered in the first three years of our strategic partnership.”
Allan Levine, Co-Founder, Chairman & Chief Executive Officer of Global Atlantic, said, “KKR and Global Atlantic are a powerful combination.
“Our shared culture and commitment to excellence continues to enhance our ability to think – and invest – longer-term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly-owned subsidiary of KKR.”
