KKR to Pay $2.7 Billion for Rest of Insurer Global Atlantic (3)

KKR & Co. will pay about $2.7 billion in cash to acquire the remaining 37% of Global Atlantic that it doesn’t already own, broadening its bet on insurance to fuel asset and fee growth.

The buyout giant will fund the purchase from its balance sheet, which had $23 billion of cash and investments as of Sept. 30, KKR said Wednesday in a statement. The transaction, along with a series of “strategic initiatives,” is expected to boost after-tax distributable earnings per share by about 10% in 2024, according to a separate presentation.

Shares of KKR climbed 7.7%, the most in ...