KKR to acquire remaining 37% stake of insurer Global Atlantic for about $2.7 billion in cash

KKR & Co. Inc.
KKR,
+8.24%
and Global Atlantic Financial Group LLC said Wednesday they have reached an agreement for KKR to acquire the remaining 37% stake of insurer Global Atlantic, boosting its stake to 100%. The private equity firm will pay about $2.7 billion in cash for the stake and fund it from its own balance sheet, which had $23 billion of cash and investments as of Sept. 30. The deal is expected to close in the first quarter of 2024.