Blue Owl Capital Inc. (NYSE:OWL) entered into an agreement to acquire Kuvare Insurance Services LP for $1 billion on April 2, 2024. Blue Owl to acquire Kuvare Insurance for $750 million. KAM is a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings (?Kuvare?). Blue Owl will fund the KAM acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock. In addition, there is potential for up to a $250 million earnout subject to certain adjustments and achievements of future revenue targets. KAM?s employees are expected to join Blue Owl. The acquisition is subject to customary regulatory approvals and other closing conditions and specified termination rights. The acquisition is expected to close in the second or third quarter of 2024. These transactions are expected to be accretive to Blue Owl in 2024.

Ardea Partners LP and PJT Partners LP acted as lead financial advisors to Blue Owl. BofA Securities, Inc., BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho and its affiliate Greenhill & Co, Morgan Stanley & Co. LLC, and Truist Securities, Inc. acted as co-financial advisors to Blue Owl. Kirkland & Ellis LLP acted as legal advisor to Blue Owl. J.P. Morgan Securities LLC acted as financial advisor to KAM, and as co-placement agent on the investment in Kuvare. RBC Capital Markets, LLC acted as financial advisor to Kuvare and as co-placement agent on the investment in Kuvare. Sidley Austin LLP acted as legal advisor to Kuvare.

Blue Owl Capital Inc. (NYSE:OWL) completed the acquisition of Kuvare Insurance Services LP on July 1, 2024. Blue Owl Capital delivered 23,519,636 shares of the Company?s Class A common stock to shareholders of Kuvare.