Nov 29 Reuters KKR Co said on Wednesday it would buy a remaining 37 stake in Global Atlantic Financial Group that it does not already own for 2.7 billion in an allcash deal.

Private equity firm KKR has served as the manager of Global Atlantic39;s investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider.

Global Atlantic39;s assets under management have grown to 158 billion from 72 billion in 2020, the companies said.

The strategic partnership we envisioned three years ago has exceeded our expectations. It has been transformative for both businesses, said Joe Bae and Scott Nuttall, the coCEOs of KKR.

Under the terms of the deal, KKR will pay Global Atlantic39;s minority shareholders an amount in cash equal to Global Atlantic39;s book value, with certain adjustments.

The deal is expected to close in the first quarter of 2024.

Global Atlantic serves policyholders through its retirement and life insurance products. It was set up by Goldman Sachs in 2004 and separated as an independent, privately held company in 2013.

Reporting by Noor Zainab Hussain in Bengaluru and Chibuike Oguh in New York; Editing by Devika Syamnath

Source Reuters