Deals
KKR to Buy Global Atlantic, Adding Almost $90 Billion in Assets
- ‘Transformative’ deal could be valued at more than $4 billion
- Private equity firms are swarming to the insurance industry
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KKR & Co. agreed to buy Global Atlantic Financial Group in a deal that gives it a major presence in the insurance industry and adds long-term capital.
The alternative-investment manager will acquire closely held Global Atlantic’s outstanding shares, according to a statement Wednesday, in a transaction that could be valued at more than $4 billion. Global Atlantic, which was founded within Goldman Sachs Group Inc. in 2004 and became independent in 2013, had more than 2 million policyholders through its retirement and life insurance products and almost $70 billion in invested assets as of March 31.