KKR to acquire remaining 36.7% of Global Atlantic for ~$2.7B cash; expects Q1 2024 close

KKR & Co. Inc.

Cash purchase price approx. $2.7B for minority stake; management to rollover majority equity into KKR equity.
Transaction expected to close Q1 2024, subject to customary conditions; funded from KKR balance sheet ($23B cash/investments).
KKR also announces strategic initiatives: new 'Strategic Holdings' segment, compensation shift to carried interest, new 'Total Operating Earnings' metric.
Global Atlantic AUM grew from $72B (2020) to $158B; KKR has been asset manager since 2021.
Strategic initiatives contingent on closing; expected to be accretive to per-share earnings.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KKR & Co. Inc. entered into Merger Agreement with The Global Atlantic Financial Group LLC valued at approximately $2.7 billion (effective 2023-11-28).

Action: entry
Agreement: merger
Counterparty: The Global Atlantic Financial Group LLC
Value: approximately $2.7 billion
Effective: 2023-11-28

Exact text from the filing

Sweetbay Merger Sub LLC, a direct subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Global Atlantic Financial Group LLC (“TGAFG” and, together with its subsidiaries, “Global

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KKR & Co. Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-055118

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