Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) said on November 29, 2023 it would buy a remaining 37% stake in Global Atlantic Financial Group Limited that it does not already own for $2.7 billion in an all-cash deal. Private equity firm KKR has served as the manager of Global Atlantic's investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider.

"The strategic partnership we envisioned three years ago has exceeded our expectations. It has been transformative for both businesses," said Joe Bae and Scott Nuttall, the co-Chief Executive Officer?s of KKR. Under the terms of the deal, KKR will pay Global Atlantic's minority shareholders an amount in cash equal to Global Atlantic's book value, with certain adjustments.

The deal is expected to close in the first quarter of 2024.