Simpson Thacher is representing KKR & Co. Inc. (“KKR”) in its proposed acquisition of the remaining 37% stake of leading insurance company Global Atlantic Financial Group LLC (“Global Atlantic”), increasing KKR’s ownership to 100%. Under the terms of the agreement, KKR will pay Global Atlantic’s minority shareholders an amount in cash equal to 1.0x Global Atlantic’s book value with certain adjustments. The total cash purchase price is currently estimated to be approximately $2.7 billion, and Global Atlantic management is expected to exchange a majority of its Global Atlantic equity interests for KKR equity. The transaction, which is expected to close in the first quarter of 2024, is subject to customary closing conditions.
Global Atlantic, a majority-owned subsidiary of KKR, is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions.
The Simpson Thacher team includes Chris May, Jihyun Chung, Robert Harrison, Robert Hausen and Benjamin Blinken (M&A); Joe Kaufman and Arielle Katzman (Public Company Advisory); Tristan Brown, Alisa Tschorke and Joshua Stephens (Executive Compensation and Employee Benefits); Marcy Geller, Drew Purcell, William Smolinski, Edward Grais and Michael Stephenson (Tax).