KKR & Co. Inc. (NYSE:KKR) agreed to acquire remaining 36.7% stake in The Global Atlantic Financial Group LLC for approximately $2.6 billion on November 28, 2023. Following this transaction, KKR's ownership stake will increase to 100%.

KKR will fund the transaction from its balance sheet, which had $23 billion of cash and investments as of September 30, 2023. The transaction is subject to regulatory and shareholders approval of The Global Atlantic Financial Group LLC. The transaction, which is expected to close in the first quarter of 2024, is subject to customary closing conditions.

After closing, Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand. Christopher R. May, Jihyun Chung, Joseph H. Kaufman, Tristan Brown, Andrew B. Purcell, Marcy G. Geller, Alisa H. Tschorke and William J. Smolinski of Simpson Thacher & Bartlett LLP acted as legal advisor to KKR. Nicholas Potter, Sergio Torres, Jonathan Lewis, Daniel Priest and Stephen Jordan Debevoise & Plimpton LLP and Appleby acted as legal advisors to Global Atlantic.

Barclays provided a fairness opinion for Global Atlantic. Ernst & Young LLP is acting as Accountant to KKR. Sidley Austin LLP acted as legal advisor to KKR.