Private equity firm KKR & Co has announced its plan to purchase the remaining 37% stake in Global Atlantic Financial Group through an all-cash deal worth $2.7 billion. KKR has been managing Global Atlantic’s investment portfolio since 2021 and had previously expressed its intent to acquire the annuities and life insurance provider. The assets under management of Global Atlantic have surged to $158 billion from $72 billion in 2020, according to the companies. The CEOs of KKR, Joe Bae and Scott Nuttall, expressed their satisfaction with the progress of the strategic partnership established three years ago. The terms of the deal dictate that KKR will compensate Global Atlantic’s minority shareholders in cash based on the company’s book value, with certain adjustments. The transaction is expected to conclude in the first quarter of 2024. Global Atlantic, established by Goldman Sachs in 2004, focuses on providing retirement and life insurance products to policyholders. The company became independent in 2013 and has remained privately held.