Summary
KKR & Co. Inc. (KKR) has officially completed its acquisition of the remaining 36.7% stake in The Global Atlantic Financial Group LLC (Global Atlantic) on January 2, 2024. This transaction, valued at approximately $2.6 billion in cash (subject to adjustments), brings Global Atlantic fully under KKR's ownership as a wholly-owned subsidiary. This move signifies a significant step in KKR's strategy, consolidating its control over a key strategic asset. While the acquisition has closed, investors should note that the full pro forma financial impact will be disclosed in a future amendment, expected within 71 days. Global Atlantic's existing debt obligations remain with the Global Atlantic entities and are not being assumed by KKR.
Key Highlights
- 1KKR completed the acquisition of the remaining 36.7% of Global Atlantic for approximately $2.6 billion in cash.
- 2Global Atlantic is now a wholly-owned subsidiary of KKR.
- 3The transaction closed on January 2, 2024.
- 4Certain Global Atlantic employees will roll over equity interests into KKR equity.
- 5Global Atlantic's outstanding debt securities will remain obligations of Global Atlantic entities, not KKR.
- 6Pro forma financial information will be filed by amendment within 71 calendar days.
Frequently Asked Questions
This 8-K filing announces the completion of KKR's acquisition of the remaining 36.7% of Global Atlantic. This makes Global Atlantic a wholly-owned subsidiary, consolidating KKR's control over its insurance and retirement services business and marking a significant strategic step.
The total cash purchase price for the acquired 36.7% stake in Global Atlantic was approximately $2.6 billion. This amount is subject to certain post-closing purchase price adjustments as outlined in the merger agreement.
No, the filing explicitly states that the outstanding debt securities of Global Atlantic will remain obligations of solely Global Atlantic entities and are not being assumed or guaranteed by KKR.
The filing indicates that pro forma financial information related to the transaction will be filed by amendment no later than 71 calendar days after the current report filing date (January 2, 2024).