KKR Completes Acquisition of Remaining 37% of Global Atlantic
02 Gennaio 2024 - 10:31PM
Business Wire
KKR & Co. Inc. (NYSE: KKR) and The Global Atlantic Financial
Group LLC (together with its subsidiaries, “Global Atlantic”) today
announced the closing of the previously-announced transaction in
which KKR is acquiring the remaining 37% of Global Atlantic,
increasing KKR’s ownership to 100%.
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KKR acquired a majority of Global Atlantic in 2021, and since
that time, KKR has served as Global Atlantic’s asset manager,
offering access to its global investment and origination
capabilities for the benefit of Global Atlantic’s
policyholders.
“Since day one, Global Atlantic has been a great fit for KKR,
both from a business and cultural standpoint. With this new
ownership structure in place, we look forward to even closer
collaboration with Global Atlantic so that we can realize more of
the synergies that we have uncovered in the first three years of
our strategic partnership,” said Joseph Bae and Scott Nuttall,
Co-Chief Executive Officers of KKR.
“KKR and Global Atlantic are a powerful combination. Our shared
culture and commitment to excellence continues to enhance our
ability to think – and invest – longer-term and deliver compelling
solutions for our clients and policyholders. We are thrilled for
what lies ahead as a wholly-owned subsidiary of KKR,” said Allan
Levine, Co-Founder, Chairman & Chief Executive Officer of
Global Atlantic.
Global Atlantic will continue to be led by its management team
and operate under the Global Atlantic brand.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
For additional information about Global Atlantic Financial Group,
please visit Global Atlantic Financial Group’s website at
www.globalatlantic.com.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company
meeting the retirement and life insurance needs of individuals and
institutions. With a strong financial foundation and risk and
investment management expertise, the company delivers tailored
solutions to create more secure financial futures. The company's
performance has been driven by its culture and core values focused
on integrity, teamwork, and the importance of building long-term
client relationships. Global Atlantic is a wholly-owned subsidiary
of KKR, a leading global investment firm. Through its relationship,
the company leverages KKR's investment capabilities, scale and
access to capital markets to enhance the value it offers
clients.
Forward-Looking Statements
This press release contains certain forward-looking statements.
Forward-looking statements relate to expectations, estimates,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts, including but not limited to the
statements with respect to: the transaction to acquire all
outstanding shares of Global Atlantic; and operation of Global
Atlantic following the closing of the transaction; expansion and
growth opportunities and other synergies resulting from the
transaction. The forward-looking statements are based on KKR’s
beliefs, assumptions and expectations, taking into account all
information currently available to it. These beliefs, assumptions
and expectations can change as a result of many possible events or
factors, not all of which are known to KKR or are within its
control. If a change occurs, KKR’s business, financial condition,
liquidity and results of operations, including but not limited to
dividends, reported earnings, and capital structure may vary
materially from those expressed in the forward-looking statements.
The following factors, among others, could cause actual results to
vary from the forward-looking statements: failure to realize the
anticipated benefits within the expected timeframes from the
planned transaction with Global Atlantic; unforeseen liabilities or
integration and other costs of the Global Atlantic transaction and
timing related thereto; changes in Global Atlantic’s business;
distraction of management or other diversion of resources within
each company caused by the transaction; retention of key Global
Atlantic employees; Global Atlantic’s ability to maintain business
relationships following the transaction; the volatility of the
capital markets; failure to realize the benefits of or changes in
KKR’s or Global Atlantic’s business strategies; availability, terms
and deployment of capital; availability of qualified personnel and
expense of recruiting and retaining such personnel; changes in the
asset management or insurance industry, interest rates, credit
spreads, currency exchange rates or the general economy;
underperformance of KKR’s or Global Atlantic’s investments and
decreased ability to raise funds; changes in Global Atlantic
policyholders’ behavior; any disruption in servicing Global
Atlantic’s insurance policies; the use of estimates and risk
management in Global Atlantic’s business; and the degree and nature
of KKR’s and Global Atlantic’s competition. All forward-looking
statements speak only as of the date hereof. KKR does not undertake
any obligation to update any forward-looking statements to reflect
circumstances or events that occur after the date on which such
statements were made except as required by law. In addition, KKR’s
business strategy is focused on the long term and financial results
are subject to significant volatility.
Additional information about factors affecting KKR is available
in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, filed with the SEC on February 27,
2023, quarterly reports on Form 10-Q for subsequent quarters and
other filings with the SEC, which are available at www.sec.gov.
Past performance is not indicative or a guarantee of future
performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20240102056918/en/
Media: Liidia Liuksila (212) 750-8300 media@kkr.com
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