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KKR to Acquire Global Atlantic Financial Group to Strengthen Position in Retirement and Life Insurance Markets.

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Vincent

MANews-(C)2009-2020

US-based investment firm KKR and Co. Inc. (NYSE: KKR) has agreed to acquire all outstanding shares of retirement and life insurance provider Global Atlantic Financial Group Ltd. to strengthen position across individual and institutional channels, the company said.

Under the terms of the agreement, KKR will pay Global Atlantic shareholders an amount equal to 1.0x Global Atlantic's Book Value as of the date of closing, subject to an equity roll-over for certain existing shareholders. As of March 31, 2020, Global Atlantic's Book Value was approximately USD 4.4 bn.

KKR expects to fund the acquisition from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt and/or equity by KKR.

The transaction, which is expected to close in early 2021, is subject to required regulatory approvals and certain other customary closing conditions.

After closing, Global Atlantic will continue to operate as a separate business with its existing brands and management team.

This transaction positions KKR to support Global Atlantic...

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