KKR Acquires Global Atlantic Financial Group for $4.4 Billion

July 9, 2020

Willkie is representing KKR in the acquisition of retirement and life insurance provider Global Atlantic.

On July 8, KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group Limited announced that KKR will acquire all of the outstanding shares of retirement and life insurance company Global Atlantic for the company's book value, which was approximately $4.4 billion as of March 31, 2020. KKR expects to fund the acquisition, net of equity roll-over participation, from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt and/or equity by KKR. After closing, Global Atlantic will continue to operate as a separate business with its existing brands and management team.

Global Atlantic Financial Group Limited, through its subsidiaries, offers a broad range of retirement, life and reinsurance products. It serves more than two million policyholders through its retirement and life insurance products and is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients.

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business.

The Willkie team was led by partners Allison Tam and Robert Rachofsky, and included counsel Christopher Petito and Yevgeniy Markov and associate Erin Donnelly.