Summary
KKR & Co. Inc. (KKR) announced on February 1, 2021, the completion of its acquisition of Global Atlantic Financial Group Limited ("Global Atlantic") through its subsidiary, Magnolia Parent LLC, which has been renamed The Global Atlantic Financial Group LLC ("TGAFG"). This significant transaction involved a total purchase price of $4.7 billion, subject to post-closing adjustments. As a result of the acquisition, KKR now owns 61.1% of TGAFG. Notably, certain previous shareholders of Global Atlantic and new co-investors have taken equity stakes in TGAFG, with some Global Atlantic management also investing in KKR common stock. The full financial statements and pro forma information related to this acquisition will be filed via amendment within 71 days.
Key Highlights
- 1KKR completed the acquisition of Global Atlantic for $4.7 billion on February 1, 2021.
- 2KKR's subsidiary, Magnolia Parent LLC, has been renamed The Global Atlantic Financial Group LLC (TGAFG).
- 3KKR now holds a 61.1% ownership stake in TGAFG, subject to post-closing adjustments.
- 4Former Global Atlantic shareholders and new co-investors have acquired stakes in TGAFG.
- 5Members of Global Atlantic's senior management invested $38.5 million in KKR common stock, with restricted transferability for three years.
- 6Detailed financial statements and pro forma information for the acquisition will be filed at a later date.
- 7The transaction was structured through a merger of KKR subsidiaries with Global Atlantic and GA Life.