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Global investment firm KKR & Co. Inc. said it will acquire the remaining 37% of Hartford-based insurance company Global Atlantic Financial Group LLC for $2.7 billion in cash, the companies announced Wednesday.
The deal, which is expected to close in the first quarter of 2024, increases KKR’s ownership of Global Atlantic to 100%.
Global Atlantic is one of the largest fixed-rate and fixed-annuity providers in the United States. Since 2021, KKR has served as Global Atlantic’s asset manager.
“The strategic partnership we envisioned three years ago has exceeded our expectations,” Joe Bae and Scott Nuttall, co-chief executive officers of KKR, said in the announcement. “It has been transformative for both businesses and a great cultural fit that has enabled us to contribute to Global Atlantic’s continued strong performance and success, while also being a key driver of growth for KKR.”
Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.
Global Atlantic’s assets under management have increased from $72 billion in 2020 to $158 billion today, according to the announcement.
Global Atlantic is based in the iconic Gold Building in downtown Hartford. The company recently expanded to occupy the entire 10th and 24th floors of the building, adding 11,500 square feet of office space to accommodate about 100 new employees.
KKR is based in New York City.
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Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
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Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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